The Economic and Financial Crimes Commission (EFCC) has arraigned Olalekan Adewoye, the Managing Director and CEO of Sunsteel Industries Limited, for his alleged involvement in a $680,622 fraud. The arraignment took place at the Lagos State High Court, Ikeja, before Justice Mojisola Dada.
According to a statement released by EFCC’s Head of Media and Publicity, Dele Oyewale, the EFCC’s Lagos Zonal Directorate brought a two-count charge against Adewoye, alongside his companies, Sunlek Investments Limited and Sunsteel Industries Limited. The charges stem from accusations of stealing and obtaining property by false pretence totaling $680,622.65.
When the charges were read, Adewoye pleaded “not guilty.” EFCC’s counsel, Abdulhamid L. Tukur, requested the court to set a trial date and for the defendant to be remanded in a correctional centre. However, the defendant’s counsel, Olusegun O. Jolaawo, SAN, argued for bail, citing Adewoye’s compliance with EFCC’s administrative bail conditions.
After hearing from both sides, Justice Dada ruled that Adewoye should continue to enjoy the administrative bail. The court also ordered that he must deposit his international passport and documents of two landed properties with the court’s registry as part of his bail conditions.
The judge adjourned the case for trial to commence on June 3 and June 19, 2025.
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.”
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