The Economic and Financial Crimes Commission (EFCC) has arraigned Olalekan Adewoye, Managing Director and CEO of Sunsteel Industries Limited, over an alleged fraud involving $680,622.65.

 

Adewoye, alongside his companies—Sunlek Investments Limited and Sunsteel Industries Limited—was arraigned on Tuesday before Justice Mojisola Dada of the Ikeja Special Offences Court. He faces a two-count charge bordering on stealing and obtaining property under false pretences.

 

He pleaded not guilty to the charges.

 

Following his plea, EFCC’s counsel, Abdulhamid L. Tukur, requested that the court fix dates for trial and asked for the defendant to be remanded. However, the defence counsel, Olusegun O. Jolaawo (SAN), urged the court to consider an already filed bail application, stating that Adewoye had complied with all conditions of the administrative bail previously granted by the EFCC.

 

Justice Dada ruled that Adewoye could continue to enjoy his existing administrative bail but directed him to deposit his international passport and documents for two landed properties with the court registrar.

 

The case was adjourned until June 3 and June 19, 2025, for trial.

 

One of the charges reads:

“That you, Olalekan Adewoye, Sunlek Investments Limited and Sunsteel Industries Limited, sometime between 2013 and 2014 in Lagos, with dishonest intent, stole and converted to your own use the sum of $680,622.65, property of Hexagon Im-und Export GmbH & Co KG, a German company, being the value of construction materials supplied to you—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.”