EFCC Arraigns Sunsteel MD Over Alleged $680,622.65 Fraud

The Economic and Financial Crimes Commission (EFCC) has arraigned the managing director and chief executive officer of Sunsteel Industries Limited, Olalekan Adewoye, before Justice Mojisola Dada of the Lagos State High Court in Ikeja over an alleged $680,622.65 fraud.

The EFCC docked Adewoye and his companies, Sunlek Investments Limited and Sunsteel Industries Limited, on a two-count charge of stealing and obtaining property by false pretence amounting to $680,622.65.

He pleaded not guilty to the charge.

Following the development, the prosecutor, Abdulhamid Tukur, applied for a trial date and asked that the defendant be remanded in a correctional centre.

On his part, defence counsel Olusegun Jolaawo (SAN) informed the court of a pending bail application and further prayed the court to admit the defendant to bail. He stated that his client never jumped the administrative bail granted to him by the EFCC.

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After listening to the lawyers, Justice Dada ordered that the defendant should continue to enjoy the administrative bail earlier granted to him by the EFCC.

She also directed that the defendant deposit his passport and the documents of two landed properties with the court’s registry.

The judge then adjourned the case till June 3 for commencement of trial.

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.”