Absence of CEO Stalls Arraignment Over Alleged $42,000 Fraud

Wale Igbintade

The scheduled arraignment of Adesola Adeyinka, CEO of Vale Blue Limited, Vale Finance, and Coral Stone Limited, was postponed due to his failure to appear in court.

Justice Yetunde Adesanya of the Lagos State High Court, sitting at Tafawa Balewa Square, adjourned the case to June 24, 2025.

When the matter was called, police prosecutor CSP M.A. Omo-Osagie informed the court that the arraignment could not proceed in the defendant’s absence.

Adeyinka faces a four-count charge bordering on conspiracy, fraud, stealing, threats, and giving false information. 

The charges, filed by the Nigeria Police, relate to alleged offences committed between May 11, 2022, and November 17, 2023, in Marina and Ikoyi, Lagos.

He is accused of using deceit and intimidation to defraud Barama Energy Resources Limited and Mr. Oladipo Jimoh of N14.5 million and $42,591 under the guise of loan facilities.

The police allege that Adeyinka, now at large, demanded repayment of the $42,591 loan using threats of injury and detention, falsely claiming it was dollar-denominated.

He also allegedly made fraudulent claims at the EFCC’s Awolowo Road office, falsely accusing Barama Energy and Jimoh of issuing a dud $82,800 cheque. This reportedly led to the EFCC coercively recovering the $42,591 from Jimoh, causing an overpayment of N14.5 million.

The police further stated that the loan was obtained in naira and reported as such to credit bureaus—contradicting Adeyinka’s claims.

The alleged offences violate Sections 411, 325, 301, and 96 of the Lagos State Criminal Law, 2015.

Adeyinka and his companies are now scheduled to appear for arraignment on June 24.