The arraignment of Adesola Adeyinka, founder and Chief Executive Officer of Vale Blue Limited, Vale Finance, and Coral Stone Limited, was stalled on T
The arraignment of Adesola Adeyinka, founder and Chief Executive Officer of Vale Blue Limited, Vale Finance, and Coral Stone Limited, was stalled on Thursday, May 8, 2025, at the Lagos State High Court sitting at Tafawa Balewa Square, due to his absence.
Justice Yetunde Adesanya adjourned the case to June 24, 2025, after the police prosecutor, CSP M.A. Omo-Osagie, informed the court that the defendant was not present for the scheduled arraignment.
Adeyinka faces a four-count charge involving conspiracy, fraud, theft, threats, and providing false information, allegations brought against him by the Nigeria Police for offences committed between May 11, 2022, and November 17, 2023, in various parts of Lagos including Marina Street and Awolowo Road, Ikoyi.
According to the police, Adeyinka defrauded Barama Energy Resources Limited and one Oladipo Jimoh of ₦14,502,800 and an additional $42,591 in purported loan facilities.
It is alleged that he employed threats, including intimidation and coercion, to obtain the funds while falsely claiming they were repayments for a dollar-denominated loan.
The charge further states that Adeyinka gave misleading information to the Economic and Financial Crimes Commission (EFCC), falsely accusing the complainants of issuing a dud cheque for $82,800.
This led to the EFCC using its enforcement powers to recover the $42,591 from Jimoh, an amount the police say resulted in an overpayment, since the actual loan was in naira and not in dollars as claimed.
Adeyinka, who is currently at large, and his companies are accused of violating Sections 411, 325, 301, and 96 of the Criminal Law of Lagos State, 2015.
They are now expected to appear in court for arraignment on June 24, 2025.
A charter holder of the respected CFA institute and a member of the Association of Certified Chartered Accounts (ACCA) and Institute of Chartered Accountants of Nigeria, Adeyinka has over 15 years’ experience in investments and portfolio management, personal finance & wealth creation, SME advisory, business consulting and financial planning and analysis.
He is a financial expert with in-depth insights into identifying, nurturing, and exploring high growth opportunities across industries. Prior to joining Coralstone, he worked at KPMG and Accenture, driving structural changes in accounting and financing processes, leading strategy and management advisory.
He also worked at South Atlantic Petroleum Limited in a Strategic Finance role. Adeyinka has played actively in various asset classes such as Equities, Fixed Income, Real Estate, Private Equity, and other alternative investments, and has in-depth knowledge of Africa’s oil and gas industry. He helps businesses leverage this knowledge base for informed decision-making and is also very passionate about helping people achieve financial freedom early in life.
Adeyinka has a B.Sc in Applied Accounting from Oxford Brooks University, United Kingdom, and B.Sc in Material Science and Engineering from Obafemi Awolowo University. He has attended several courses locally and internationally including the Project and Infrastructural Finance at the prestigious London Business School.
