A Federal High Court in Lagos presided over by Justice Deinde Dipeolu has ordered the remand of a middle-aged man, Solomon Ehiem, at the Ikoyi Correctional Centre following allegations of fraudulently taking over companies belonging to a deceased businessman.
According to the Police Special Fraud Unit (PSFU), Ehiem and an accomplice who remains at large conspired to unlawfully assume control of three companies—Refron 22 Gas Limited, Refron 410 Gas Limited, and J.C. Nwadike Tech Company—previously 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 his benefit.
Ehiem was arraigned on a three-count charge of conspiracy, stealing, and fraudulent conversion. He pleaded not guilty.
The prosecution, led by Justin Enang, told the court that the offences took place in Lagos in February 2025 and violated Sections 20(a) and 18(1) & (2)(b) of the Money Laundering (Prevention and Prohibition) Act, 2022. The offences are punishable under Section 18(3) of the same Act.
Following the plea, the prosecution requested a trial date and asked the court to remand the defendant pending the conclusion of proceedings.
The matter has been adjourned to 12 August 2025 for the hearing of the bail application.
This case shows how vulnerable businesses can be after an owner’s death. Diverting ₦200 million is no small crime—let’s hope the justice system gets to the bottom of it quickly.