The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 2, Okotie-Eboh, Ikoyi, Lagos, on Thursday, May 8, 2025, arraigned Olalekan Adewoye, the Managing Director and Chief Executive Officer (CEO) of Sunsteel Industries Limited, before Justice Mojisola Dada of the Lagos State High Court sitting in Ikeja. Adewoye was arraigned over allegations of fraud.
Adewoye was charged alongside his companies, Sunlek Investments Limited and Sunsteel Industries Limited, on a two-count charge bordering on stealing and obtaining property by false pretence to the sum of $680,622.65 (Six Hundred and Eighty Thousand, Six Hundred and Twenty-Two Dollars, Sixty-Five Cents).
The EFCC alleged that Adewoye and his companies, between 2013 and 2014 in Lagos, fraudulently converted the sum of $680,622.65 belonging to Hexagon Im-und Export GmbH & Co KG, a German company.
The said amount was the value of construction materials supplied to Sunsteel Industries Limited.
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 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.”
Upon the reading of the charges, Adewoye pleaded “not guilty.” Consequently, the prosecution counsel, Abdulhamid L. Tukur, requested a trial date and urged the court to remand the defendant in a correctional facility.
In response, the defence counsel, Olusegun O. Jolaawo (SAN), informed the court of a pending bail application and appealed for Adewoye’s continued bail, emphasizing that he had consistently honored the administrative bail previously granted by the EFCC.
Justice Mojisola Dada ruled that Adewoye should continue to enjoy the administrative bail initially granted by the EFCC.
She further ordered that he deposits his passport and documents of two landed properties with the court’s registry as part of the bail conditions and adjourned for trial.
