How Vale Finance Boss, ‘Sola Adeyinka, Allegedly Deceived EFCC In $42,591 Loan Fraud Case
BY AISHA ABUBAKAR
The arraignment of Mr. Adesola Adeyinka, the founder and Chief Executive Officer of Vale Blue Limited, Vale Finance and Coral Stone Limited, before the Lagos State High Court sitting at Tafawa Balewa Square, was stalled Friday due to his absence.
Justice Yetunde Adesanya adjourned the matter till June 24, following the absence of the defendant.
Adeyinka is facing a four-count charge bordering on conspiracy, fraud, stealing, threats, and making false statements.
Police prosecution counsel, CSP M.A. Omo-Osagie, said he committed the alleged offence between May 11, 2022, and November 17, 2023, in Lagos.
The police alleged Adeyinka defrauded Barama Energy Resources Limited and one Mr. Oladipo Jimoh of N14,502,800, in addition to $42,591 loan facilities purportedly granted to Barama Energy Resources Ltd.
Adeyinka also allegedly gave false information to the EFCC in a petition that accused Barama Energy Resources Ltd and Oladipo Jimoh of issuing a dud cheque worth $82,800.
The misleading claim allegedly led to the use of EFCC’s coercive powers to recover $42,591 from Jimoh, resulting in an overpayment of N14,502,800.
The loan was obtained in Naira and duly reported to the credit bureau as a Naira loan, contrary to the false information provided to the EFCC that it was a dollar-denominated facility.
According to the charge, the alleged offences contravened Sections 411, 325, 301, and 96 of the Criminal Law of Lagos State, 2015.
Adeyinka and his companies, Vale Blue Ltd, Vale Finance and Coral Stone Limited are now expected to appear in court on June 24, for arraignment.
