The Economic and Financial Crimes Commission (EFCC) on Thursday arraigned Olalekan Adewoye, managing director and CEO of Sunsteel Industries Limited, before Justice Mojisola Dada of the Lagos State High Court in Ikeja for alleged fraud involving $680,622.65.
Adewoye was arraigned alongside his companies, Sunlek Investments Limited and Sunsteel Industries Limited, on a two-count charge bordering on stealing and obtaining property by false pretence from a German company, Hexagon Im-und Export GmbH & Co KG.
According to the statement released by the EFCC on Friday, the offence was committed between 2013 and 2014 when Adewoye and his firms allegedly received construction materials valued at $680,622.65 from the German company but failed to pay, instead converting the goods for personal use.
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, 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.”
Adewoye pleaded not guilty to the charges.
Prosecuting counsel Abdulhamid Tukur asked the court for a trial date and for Adewoye to be remanded in custody.
However, defence counsel Olusegun Jolaawo urged the court to allow his client to remain on EFCC administrative bail, citing his compliance during the investigation.
Justice Dada granted the request, allowing Adewoye to retain the administrative bail, but ordered him to deposit his international passport and documents of two landed properties with the court registry.
The matter has been adjourned to June 3 and June 19 for commencement of trial.
Sunsteel Industries is a Lagos-based firm involved in steel production and construction materials.
