EFCC Arraigns Sunsteel MD for Alleged $680,000 Fraud In Lagos

The Economic and Financial Crimes Commission,EFCC, on Thursday arraigned the Managing Director of Sunsteel Industries Limited, Olalekan Adewoye, before Justice Mojisola Dada of the Lagos State High Court sitting in Ikeja over an alleged $680,622.65 fraud.

Adewoye was docked alongside his companies, Sunlek Investments Limited and Sunsteel Industries Limited, on a two-count charge bordering on stealing and obtaining property by false pretence.

The anti-graft agency disclosed the development in a statement shared on its official X handle on Friday.

According to the EFCC, the defendants allegedly diverted construction materials worth $680,622.65, supplied by Hexagon Im-und Export GmbH & Co KG, a German company, between 2013 and 2014.

One of the counts 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.”

The defendants pleaded not guilty to the charges.

Justice Dada adjourned the matter for further hearing and ordered that Adewoye be remanded in custody pending the determination of his bail application.