A Lagos State High Court in Ikeja has sentenced businesswoman, Oluremi Phillips, to 17 years in prison for defrauding AYM Shafa Limited of N57,690,000.
Phillips, who owns Omritas Energy Limited, was convicted on December 12, 2024, for the fraudulent conversion and theft of funds meant for the supply of Automotive Gas Oil in 2016.
According to the Economic and Financial Crimes Commission (EFCC), Phillips and her company dishonestly obtained the funds, but failed to deliver the product as agreed.
In a bid to cover up the fraud, Omritas Energy Limited issued a cheque of N14,298,075 to AYM Shafa Limited on April 10, 2017.
However, the cheque was dishonoured due to insufficient funds in the company’s bank account.
Meanwhile, Phillips, who was initially arraigned on January 27, 2022, before Justice Sherifat Solebo of the Special Offences Court, Ikeja, has now been sentenced following a lengthy trial.
The trial could not be concluded before Justice Solebo retired in November 2022, prompting the reassignment of the case to Justice Ijelu.
On May 22, 2023, the convict was re-arraigned alongside her company, Omritas Energy Limited, on five charges of stealing and issuing dud cheques totaling N57,690,000.
The EFCC stated that the offences violated 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 submitting several documents.
The defence, headed by Akin Olatunji, also called three witnesses.
On December 12, Justice Ijelu delivered his judgment, finding Phillips and her company guilty on all five counts.
The judge sentenced Phillips to nine years in prison or an option to pay a N2 million fine within 90 days for count one.
For counts two to five, she received a two-year sentence for each, to run concurrently.
Omritas Energy Limited, the second convict, was fined N250,000 for count one and N100,000 for each of counts two to five.
Justice Ijelu also ordered the convicts to pay restitution of N57,690,000 to AYM Shafa Limited within 90 days.
He added, “If the restitution is not made, Omritas Energy Limited will be wound up within 90 days.”
