Adesola Adeyinka, the CEO of  Vale Finance Limited, Vale Blue Limited and Coral Stone Limited, is currently facing prosecution for alleged fraud.

Adeyinka is facing a four-count charge bordering on conspiracy, fraud, theft, threats, and making false statements.

His arraignment before the Lagos State High Court sitting at Tafawa Balewa Square was on Thursday stalled due to his absence in court.

The Nigeria Police brought the charges over alleged offences committed between May 11, 2022, and November 17, 2023, at Marina Street and Awolowo Road, Ikoyi, Lagos.

The police alleged that Adeyinka, through deceit and threats, defrauded Barama Energy Resources Limited and one Mr. Oladipo Jimoh of the sum of N14,502,800, in addition to $42,591 loan facilities purportedly granted to Barama Energy Resources Ltd.

According to the charge, Adeyinka, who is now at large, allegedly used menaces, including threats of injury and detention, to demand $42,591 claiming it to be an unliquidated loan.

He was also accused of defrauding the complainants at the Economic and Financial Crimes Commission office on Awolowo Road, Ikoyi, on November 17, 2023.

Furthermore, police said Adeyinka knowingly 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 said 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, 2025, for arraignment.