The Economic and Financial Crimes Commission (EFCC) has arraigned Sunsteel Industries Limited, Chief Executive Officer, Olalekan Adewoye, for alleged $680,622.65 fraud.
Adewoye was brought before Justice Mojisola Dada of the Lagos State High Court sitting in Ikeja on Thursday, May 8, 2025.
He appeared alongside his companies, Sunlek Investments Limited and Sunsteel Industries Limited, facing a two-count charge bordering on stealing and obtaining property by false pretence, according to Dele Oyewale, Head, Media & Publicity EFCC in a statement on Friday.
According to the report, the alleged offence took place between 2013 and 2014 and involved the unlawful conversion of construction materials valued at $680,622.65, property of Hexagon Im-und Export GmbH & Co KG, a German firm. The Commission stated that Adewoye dishonestly converted the materials for personal use.
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One of the charges read in court stated:
“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, property of Hexagon Im-und Export GmbH & Co KG, a German Company… thereby committing an offence 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.”
Adewoye pleaded not guilty to the charges. Prosecution counsel Abdulhamid L. Tukur applied for a trial date and requested the defendant be remanded in custody. However, defence counsel Olusegun O. Jolaawo (SAN) urged the court to maintain the existing administrative bail, noting Adewoye’s compliance with earlier EFCC bail terms.
Justice Dada granted the request, allowing Adewoye to remain on administrative bail, with conditions including the deposit of his passport and documents of two landed properties at the court’s registry.
The court adjourned the case to June 3 and 19, 2025, for commencement of trial.
