Court Remands Man Over Illegal Conversion Of Late Bizman’s Firms

Justice Deinde Dipeolu of the Federal High Court in Lagos has remanded a middle-aged man, Solomon Ehiem, in the custody of the Ikoyi Correctional Centre for allegedly illegally converting three companies of a deceased businessman to his use and benefit.

Police operatives from the Police Special Fraud Unit (PSFU) had told the judge that Ehiem and his co-conspirator conspired to convert the companies, Refron 22 Gas Limited, Refron 410 Gas Limited, and J.C. Nwadike Tech Company, properties of late Chima Joseph Nwadike, to their use.

The police also accused the defendant of fraudulently transferring, retaining, and taking possession of N200 million from the companies’ accounts for his benefit.

Justice Dipeolu ordered that the defendant be kept behind bars after he pleaded not guilty to the three-count charge of conspiracy, stealing and fraudulent conversion.

The prosecutor, Justin Enang, had also informed the court that the defendant committed the alleged offences in Lagos sometime in February 2025, with another accomplice still at large.

Enang further maintained that the offences violated sections 20(a) and 18(1) & (2)(b) of the Money Laundering (Prevention and Prohibition) Act of 2022, and are punishable under Section 18(3) of the same Act.

Based on his plea, the police prosecutor urged the court for a trial date and an order remanding the defendant in the custody of the Nigerian Correctional Services pending the conclusion of the trial.

Justice Dipeolu granted the requests and then adjourned the case to August 12 to hear the defendant’s bail application.