EFCC charges Sunsteel MD, companies over alleged $680,000 fraud

EFCC arraigns Olalekan Adewoye, MD of Sunsteel, and his companies for alleged $680,622.65 fraud involving a German firm

[dropcap]T[/dropcap]he Economic and Financial Crimes Commission (EFCC) has arraigned Olalekan Adewoye, the Managing Director of Sunsteel Industries Limited, before Justice Mojisola Dada of the Lagos State High Court sitting in Ikeja, Lagos, on charges of alleged $680,622.65 fraud.

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According to a statement released by the EFCC on Friday, Adewoye was arraigned alongside his companies, Sunlek Investments Limited and Sunsteel Industries Limited, on a two-count charge.

The charges relate to alleged stealing and obtaining property by false pretence amounting to $680,622.65.

One of the charges detailed in the EFCC statement alleges that Olalekan Adewoye, Sunlek Investments Limited, and Sunsteel Industries Limited, between 2013 and 2014 in Lagos, with dishonest intent, stole and converted $680,622.65 (Six Hundred and Eighty Thousand, Six Hundred and Twenty-two Dollars Sixty-five Cents), which was the property of Hexagon Im-und Export GmbH & Co KG, a German company.

“That you, Olalekan Adewoye, Sunlek Investments Limited and Sunsteel Industries Limited, sometime between 2013 and 2014 in Lagos… with a dishonest intent, stole and converted… the aggregate sum of $680,622.65… property of Hexagon Im-und Export GmbH & Co KG…” – EFCC Charge

This sum represented the value of construction materials supplied to Adewoye and his companies.

The EFCC contends that this act constitutes an offence of 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.

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The arraignment marks the commencement of legal proceedings against Adewoye and his companies in connection with the alleged fraudulent activities involving the German firm.

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