He pleaded not guilty to the charges
EFCC Arraigns Sunsteel MD, Olalekan Adewoye for Alleged $680,000 Fraud in Lagos
The Economic and Financial Crimes Commission (EFCC) has charged Olalekan Adewoye, Managing Director of Sunsteel, with an alleged $680,622.65 fraud.
Adewoye, alongside his companies, Sunlek Investments Limited and Sunsteel Industries Limited, faced a two-count charge of stealing and obtaining property by false pretence.
The arraignment took place on Thursday before Justice Mojisola Dada at the Lagos State High Court in Ikeja, as announced by the EFCC’s Lagos Zonal Directorate 2 in a statement on X on Friday.
In the statement, 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.”
The defendant pleaded not guilty to the charges. The prosecution counsel, Abdulhamid L. Tukur, requested a trial date and asked for the defendant to be remanded in custody.
The defence counsel, Olusegun O. Jolaawo SAN, informed the court of a pending bail application, stating that the defendant had never jumped the administrative bail granted by the EFCC.
The judge, Dada ordered that the defendant should continue to enjoy the adminstrative bail earlier granted by the EFCC, but the defendant must deposit his passport and documents for two landed properties with the court registry.
The case was adjourned to June 3 and 19, 2025, for the commencement of the trial. Read More
