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 of Sunsteel Industries Limited, before Justice Mojisola Dada of the Lagos State High Court sitting in Ikeja, Lagos, on charges of 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 sum of $680,622.65 (Six Hundred and Eighty Thousand, Six Hundred and Twenty-Two Dollars and 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 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 and Sixty-Five Cents), property of Hexagon Im-und Export GmbH & Co KG, a German company, being the value of construction materials supplied to you. You thereby committed an offence of 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.”
The defendant pleaded not guilty to the charges when they were read to him. Following the plea, the prosecution counsel, Abdulhamid L. Tukur, applied for a trial date and requested that the defendant be remanded in a correctional facility. In response, the defence counsel, Olusegun O. Jolaawo, SAN, informed the court of a pending bail application and urged the court to admit the defendant to bail, noting that Adewoye had not violated the terms of the administrative bail earlier granted by the EFCC.
Justice Dada ordered that the defendant continue to enjoy the administrative bail previously granted, with conditions that he must deposit his passport and the title documents of two landed properties with the court’s registry.
The matter was adjourned to June 3 and June 19, 2025, for commencement of trial.
