Justice Deinde Dipeolu of the Federal High Court in Lagos has ordered the remand of a middle-aged man, Solomon Ehiem, at the Ikoyi Correctional Centre for allegedly converting three companies belonging to a deceased businessman for his personal use and benefit.
Operatives from the Police Special Fraud Unit (PSFU) informed the court that Ehiem and an accomplice who is still at large conspired to take control of the companies: Refron 22 Gas Limited, Refron 410 Gas Limited, and J.C. Nwadike Tech Company, all owned by the late Chima Joseph Nwadike.
The police further alleged that Ehiem fraudulently transferred, retained, and took possession of ₦200 million from the companies’ accounts for personal gain.
Justice Dipeolu gave the remand order after the defendant pleaded not guilty to a three-count charge bordering on conspiracy, stealing, and fraudulent conversion.
The prosecution, led by Justin Enang, told the court that the offences were committed in Lagos in February 2025 and contravened Sections 20(a) and 18(1) & (2)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022, punishable under Section 18(3) of the same Act.
Following the plea, the prosecutor requested a trial date and an order remanding the defendant pending the conclusion of the trial.
Justice Dipeolu granted the request and adjourned the matter to August 12 for hearing of the bail application.