By Nkechi Eze
On Thursday, May 8, 2025, the Lagos Zonal Directorate 2 of the Economic and Financial Crimes Commission (EFCC) arraigned Olalekan Adewoye, CEO of Sunsteel Industries Limited, before Justice Mojisola Dada at the Lagos State High Court in Ikeja.
Dele Oyewale the spokesperson for the commission in an official signed statement disclosed that Adewoye was charged alongside his companies, Sunlek Investments Limited and Sunsteel Industries Limited, on a two-count charge of stealing and obtaining property by false pretence amounting to $680,622.65.
According to one of the charges, between 2013 and 2014, the defendants allegedly dishonestly converted to their personal use the sum of $680,622.65, which represented the value of construction materials supplied by Hexagon Im-und Export GmbH & Co KG, a German company. The offence is said to violate the Advance Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006.
Adewoye pleaded not guilty to the charges. While the prosecution, led by Abdulhamid L. Tukur, requested a trial date and that the defendant be remanded, defence counsel Olusegun O. Jolaawo SAN urged the court to grant bail, citing Adewoye’s compliance with previous EFCC administrative bail.
Justice Dada ruled that Adewoye should continue on administrative bail and ordered him to submit his passport and title documents of two landed properties to the court. The trial was adjourned to June 3 and 19, 2025.
