The Lagos Zonal Directorate 2 of the Economic and
Financial Crimes Commission, EFCC, Okotie-Eboh, Ikoyi, Lagos, on Thursday, May,
8, 2025, arraigned Olalekan Adewoye, Managing Director and Chief Executive
Officer, CEO, of Sunsteel Industries Limited, before Justice Mojisola
Dada of the Lagos State High Court, sitting in Ikeja, Lagos for
alleged fraud.
Adewoye was arraigned alongside his companies, Sunlek
Investments Limited and Sunsteel Industries Limited, on a two-count
charge, bordering on stealing and obtaining property by false
pretence to the tune of $680,622.65 (Six Hundred and Eighty
Thousand, Six Hundred and Twenty- two Dollars Sixty-five Cents).
One of the charges reads: "That you, Olalekan
Adewoye, Sunlek Investments Limited and Sunsteel Industries Limited, sometime
between 2013 and 2014 in Lagos, within the jurisdiction of this Honourable
Court, with a dishonest intent, stole and converted, for your own use, the
aggregate sum of $680,622.65 (Six Hundred and Eighty Thousand, Six Hundred
and Twenty- two Dollars Sixty-five Cents), property of Hexagon Im-und Export
GmbH & Co KG, a German Company, being the value of construction materials
supplied to you, and you thereby committed an offence, to wit, obtaining
property by false pretence, contrary to and punishable under Section
1(1), (2) and (3) of the Advance Fee Fraud and other Fraud Related Offences Act
No. 14 of 2006.”
He pleaded “not guilty” to the charges when they
were read to him, following which the prosecution counsel, Abdulhamid L.
Tukur, applied for a trial date and asked that the defendant be
remanded in a correctional centre, while defence counsel, Olusegun O.
Jolaawo SAN, informed the court of a pending bail application and further prayed
the court to admit the defendant to bail, stating that “has never jumped the
administrative bail granted him by the EFCC.”
Justice Dada ordered that the defendant should
continue to enjoy the administrative bail earlier granted him by the
EFCC and that he should deposit his passport and documents of
two landed properties with the court’s registry.
The judge adjourned the case till
June 3 and 19, 2025 for commencement of trial.
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