EFCC arrraigns company MD for alleged $580K fraud

The Economic and Financial Crimes Commission ( EFCC) on Thursday arraigned the Managing Director of Sunsteel, Olalekan Adewoye, at the Lagos State High Court, Ikeja, for alleged $680,000 fraud.

The commission disclosed this in a statement posted on its X handle on Friday.

According to the statement, Adewoye was arraigned alongside his companies, Sunlek Investments Limited and Sunsteel Industries Limited, on a two-count charge of alleged stealing and obtaining property by false pretence.

The statement read: “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.

However, the defendant pleaded not guilty to the charges.

The prosecution counsel, Abdulhamid L. Tukur, asked the court to pick a trial date and remand the defendant in a correctional centre.

The defence counsel, Olusegun O. Jolaawo (SAN), asked the court to allow his client to continue to enjoy the bail granted him by the EFCC.

Justice Mojisola Dada ordered that the defendant should continue to enjoy the administrative bail.

She ordered the defendant to deposit his passport and documents for two landed properties with the court registrar.

The judge adjourned the case to June 3 and 19 for the commencement of trial.

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