Adesola Adeyinka, the CEO of Vale Finance Limited, Vale Blue Limited and Coral Stone Limited, is currently facing prosecution for alleged fraud.
The scheduled arraignment of Adeyinka and his company, Vale Finance was delayed due to his failure to appear in court.
Justice Yetunde Adesanya of the Lagos State High Court sitting at Tafawa Balewa Square adjourned the matter to June 24, 2025, following Adeyinka’s absence.
When the case was called, police prosecutor CSP M.A. Omo-Osagie informed the court that proceedings could not continue in the absence of the defendant.
Adesola Adeyinka faces a four-count charge involving conspiracy, fraud, stealing, issuing threats, and providing false information.
According to the charges filed by the Nigeria Police, the alleged offences occurred between May 11, 2022, and November 17, 2023, in Marina and Ikoyi, Lagos.
He is accused of defrauding Barama Energy Resources Limited and Mr. Oladipo Jimoh of ₦14.5 million and $42,591, under the pretense of arranging loan facilities—allegedly using deceit and intimidation.
The police allege that Adeyinka, who is currently at large, used threats of injury and detention to demand repayment of the $42,591, falsely claiming the loan was dollar-denominated.
He also allegedly filed false reports at the EFCC’s Awolowo Road office, accusing Barama Energy and Jimoh of issuing a dud $82,800 cheque. This led the EFCC to recover $42,591 from Jimoh—an action the police say resulted in an overpayment of ₦14.5 million.
Further investigations revealed that the loan was originally disbursed in naira and recorded as such in credit bureau reports, contradicting Adeyinka’s foreign currency claims.
The alleged offences violate Sections 411, 325, 301, and 96 of the Lagos State Criminal Law, 2015.
Adeyinka and his companies are now slated to appear in court for arraignment on June 24, 2025.