KEY POINTS

• EFCC arraigned Olalekan Adewoye and his companies for allegedly defrauding a German firm of over $680,000 in construction materials.

• The defendant pleaded not guilty and was granted continued administrative bail with strict conditions including passport and property document surrender.

• The case is part of a broader EFCC push to clamp down on corporate financial fraud and safeguard Nigeria’s international business credibility.

The Economic and Financial Crimes Commission (EFCC) has arraigned the Managing Director and Chief Executive Officer of Sunsteel Industries Limited, Olalekan Adewoye, before the Lagos State High Court sitting in Ikeja, over allegations of fraud totaling more than $680,000.

SaharaReporters noted that Adewoye was brought before Justice Mojisola Dada on Thursday alongside his two companies, Sunlek Investments Limited and Sunsteel Industries Limited.

The EFCC charged him with two counts related to the alleged theft and unlawful conversion of funds belonging to a German firm.

“The charges stem from transactions that occurred between 2013 and 2014, during which the defendant allegedly received construction materials from Hexagon Im-und Export GmbH & Co KG valued at $680,622.65 but failed to remit payment,” said Dele Oyewale, Head of Media and Publicity at the EFCC.

The prosecution, led by Abdulhamid L. Tukur, stated that the money was obtained through false pretences and never returned, despite repeated demands by the German company.

Court grants bail, sets trial dates for June

When the charges were read, Adewoye pleaded not guilty. His lawyer, Senior Advocate of Nigeria Olusegun O. Jolaawo, requested bail, noting that “the defendant has consistently complied with the administrative bail conditions previously granted by the EFCC and poses no flight risk.”

Justice Dada ruled that Adewoye would be allowed to remain on the administrative bail previously granted. However, she ordered him to deposit his international passport and the title documents for two landed properties with the court registry as further assurance of his commitment to attend trial.

“The court recognizes the presumption of innocence but must also safeguard the judicial process,” she stated.

The judge scheduled the commencement of the trial for June 3 and 19, 2025. The proceedings are expected to draw attention from both the legal and business communities due to the international nature of the case and the involvement of high-profile corporate entities.

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… being the value of construction materials supplied to you, thereby committing an offence under Section 1(1), (2), and (3) of the Advance Fee Fraud and Other Fraud Related Offences Act No. 14 of 2006.”

The case highlights the EFCC’s ongoing crackdown on financial crimes within Nigeria’s corporate sector, particularly those involving international trade and partnerships. The anti-graft agency has intensified efforts in recent years to investigate fraud linked to import-export businesses, real estate, and offshore investments.

Experts suggest that cases like this have significant implications for Nigeria’s global business reputation. “Foreign companies often cite concerns over contract enforcement and fraud as key risks when operating in Nigeria,” said economic analyst Tolu Adebayo. “This case could send a message that regulatory bodies are stepping up oversight.”

Sunsteel Industries Limited is a key player in Nigeria’s construction and steel sector, which has seen significant growth due to infrastructure projects supported by both public and private investment. However, the firm’s reputation may face considerable damage as the trial unfolds.

For now, the court awaits the presentation of evidence and witness testimonies when trial resumes in June. The outcome may determine whether Adewoye and his companies face heavy penalties, including imprisonment, restitution orders, or disqualification from future corporate engagements.