The Economic and Financial Crimes Commission (EFCC) arraigned Sunsteel Industries’ MD Olalekan Adewoye before Justice Mojisola Dada at Lagos High Court. He faces charges of stealing and obtaining property by false pretence involving $680,622.65.
According to the EFCC, Adewoye and his companies allegedly converted construction materials belonging to German firm Hexagon Im-und Export between 2013-2014. The materials reportedly valued at $680,622 disappeared after delivery.
During Thursday’s hearing, Adewoye pleaded not guilty to both charges. Prosecution counsel Abdulhamid Tukur immediately requested trial dates and sought the defendant’s remand. However, defence lawyer Olusegun Jolaawo countered with a bail application.
Justice Dada maintained Adewoye’s existing EFCC administrative bail but imposed stricter conditions. The judge ordered him to surrender his passport and property documents to the court registry. Meanwhile, the case was adjourned to June 3 for trial commencement.
This case highlights Nigeria’s ongoing battle against high-profile financial crimes. The EFCC has recently intensified prosecution of corporate fraud cases involving foreign entities. Legal experts note such international business disputes require meticulous evidence presentation.
Court observers suggest the trial may face delays due to document verification processes. Both German and Nigerian authorities are reportedly collaborating on evidence gathering. The defence maintains the transactions were legitimate business dealings.
As proceedings advance, business communities in Lagos and Frankfurt await clarity on the decade-old transaction. The case outcome could set precedents for cross-border commercial disputes in Nigerian courts. Final adjudication may take months given case complexity.
The EFCC continues investigating other linked transactions while preparing for trial. Adewoye remains free on bail but under close monitoring as the June court dates approach. Legal teams on both sides are gathering additional documentation.
This development comes amid Nigeria’s push to improve its international business credibility. Recent reforms aim to streamline commercial dispute resolutions and protect foreign investors. The judiciary’s handling of this case will test these improvements.
Financial analysts warn such cases could impact Nigeria’s raw materials import sector if unresolved. Many European suppliers now demand stricter payment terms for Nigerian clients. The trial’s progress may influence future trade agreements between both regions.
With the first hearing concluded, all parties now prepare for the substantive trial. The court has warned against media trials, emphasizing proper judicial processes. Observers expect heated legal arguments when proceedings resume next month.
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