A Lagos State High Court in Ikeja on Thursday, 12 December 2024, convicted and sentenced businesswoman Oluremi Phillips to 17 years in prison for defrauding AYM Shafa Limited of N57,690,000.
The Economic and Financial Crimes Commission (EFCC) stated that Phillips, along with her company Omritas Energy Limited, fraudulently converted and stole the sum of N57,690,000 in 2016, property of AYM Shafa Limited, which was meant for the supply of Automotive Gas Oil that she failed to deliver.
The commission further revealed that, on or about 10 April 2017, Omritas Energy Limited issued a Diamond Bank cheque for N14,298,075 to AYM Shafa Limited. When presented for payment, the cheque was dishonoured due to insufficient funds in the account.
Phillips had initially stood trial before Justice Sherifat Solebo of the Special Offences Court, Ikeja, after her arraignment on 27 January 2022. However, the trial could not be concluded before Justice Solebo retired in November 2022, prompting the reassignment of the case to Justice Ijelu.
On 22 May 2023, Phillips was re-arraigned alongside Omritas Energy Limited on five counts of stealing and issuing a dud cheque amounting to N57,690,000. According to the EFCC, the offences contravened Section 285(1) of the Criminal Law of Lagos State 2011.
Phillips pleaded not guilty to all charges, and the trial proceeded, with the prosecution, led by Banjo James, calling three witnesses and presenting several documents. The defence, led by Akin Olatunji, also called three witnesses.
Delivering the judgment on Thursday, 12 December, Justice Ijelu found Phillips and her company guilty on all five counts.
The judge sentenced Phillips to nine years in prison or an option of a N2 million fine, payable within 90 days, for count one. For counts two to five, Phillips was sentenced to two years in prison each, to run concurrently.
The court also fined Omritas Energy Limited, the second convict, N250,000 on count one and N100,000 for each of counts two to five.
Justice Ijelu ordered the convicts to pay restitution of N57,690,000 to AYM Shafa Limited within 90 days, stating, “If the restitution is not made, Omritas Energy Limited will be wound up within 90 days.”
