By Henry Ojelu

The scheduled arraignment of businessman, Adesola Adeyinka, the CEO and founder of Vale Blue Limited, Vale Finance, and Coral Stone Limited, was, yesterday, stalled, due to his absence before the Lagos State High Court, sitting at Tafawa Balewa Square.

Justice Yetunde Adesanya, who was presiding over the matter, adjourned the arraignment till June 24, 2025, after the defendant failed to appear in court.

At the resumed hearing, the prosecuting counsel, CSP M.A. Omo-Osagie, told the court that the matter was fixed for arraignment but noted that Adeyinka was not present. He did not provide a specific reason for the defendant’s absence.

Adeyinka is facing a four-count charge bordering on conspiracy, fraud, stealing, criminal intimidation, and the provision of false information. The charges were filed by the Nigeria Police in connection with alleged offences committed between May 11, 2022, and November 17, 2023, at Marina Street and Awolowo Road, in Ikoyi, Lagos.

According to the charge sheet, Adeyinka allegedly defrauded Barama Energy Resources Limited and one Mr. Oladipo Jimoh of the sum of ?14,502,800 and an additional $42,591, under the guise of recovering a loan purportedly granted to Barama Energy. The prosecution alleged that the businessman used deceit, threats of harm, and intimidation to demand payment.

The police also accused Adeyinka of falsely presenting the loan as dollar-denominated when, in fact, it was a Naira-based facility. Investigations revealed that the facility had been duly reported as a naira loan to the credit bureau, contradicting claims made to the Economic and Financial Crimes Commission (EFCC).

In one of the charges, Adeyinka is said to have approached the EFCC with a petition claiming that Barama Energy and Jimoh had issued a dishonoured cheque worth $82,800. This petition, according to the police, contained deliberate falsehoods that led to the EFCC deploying its enforcement powers to recover $42,591 from Jimoh-an amount later discovered to have resulted in an overpayment of ?14,502,800.

The police maintained that the misleading petition and subsequent recovery were orchestrated to unjustly enrich the defendant under false pretences.

The alleged actions contravene Sections 411 (conspiracy), 325 (stealing), 301 (fraud), and 96 (intimidation) of the Criminal Law of Lagos State, 2015