EFCC Arraigns MD Over $680,000 Fraud In Lagos

The Managing Director of Sunsteel, Olalekan Adewoye, was arraigned by the Economic and Financial Crimes Commission, EFCC, on Thursday over alleged $680,622.65 fraud in Lagos.

Adewoye was arraigned before Justice Mojisola Dada of the Lagos State High Court, sitting in Ikeja, Lagos.

This was disclosed in a statement released by the agency on X on Friday, stating that the MD was arraigned alongside his companies, Sunlek Investments Limited and Sunsteel Industries Limited, on a two-count charge, bordering on alleged stealing and obtaining property by false pretence to the tune of $680,622.65.

In the statement, 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.”