A Lagos State High Court in Ikeja has convicted and sentenced Oluremi Phillips, a businesswoman, to 17 years imprisonment for defrauding AYM Shafa Limited of ₦57,690,000. Justice I.O. Ijelu delivered the judgment on Thursday, finding Phillips and her company, Omritas Energy Limited, guilty on five counts of stealing and issuing dud cheques.
The Case Timeline
Phillips was first arraigned before Justice Sherifat Solebo of the Special Offences Court, Ikeja, on January 27, 2022. However, due to Justice Solebo’s retirement in November 2022, the case was reassigned to Justice Ijelu. The Economic and Financial Crimes Commission (EFCC) led the prosecution.
The EFCC accused Phillips of defrauding AYM Shafa Limited in 2016 by failing to supply Automotive Gas Oil (AGO) despite receiving ₦57,690,000 for the transaction. Additionally, Omritas Energy Limited issued a cheque for ₦14,298,075 to AYM Shafa Limited on April 10, 2017, which was dishonored due to insufficient funds.
Trial Proceedings
Phillips was re-arraigned alongside Omritas Energy Limited on May 22, 2023, facing charges of:
- Stealing.
- Issuing a dud cheque.
The EFCC, represented by Banjo James, called three witnesses and submitted documentary evidence. The defense, led by Akin Olatunji, also called three witnesses.
Phillips pleaded not guilty to all charges, but the court found her guilty based on the evidence presented.
Judgment and Sentencing
Justice Ijelu found Phillips and Omritas Energy Limited guilty on all five counts. The sentences were as follows:
- Count One:
Phillips was sentenced to nine years imprisonment or a fine of ₦2 million, payable within 90 days. Omritas Energy Limited was fined ₦250,000. - Counts Two to Five:
Phillips received two years imprisonment for each count, to run concurrently. Omritas Energy Limited was fined ₦100,000 for each count.
Additionally, the court ordered both convicts to pay restitution of ₦57,690,000 to AYM Shafa Limited within 90 days. Failure to make the payment would result in Omritas Energy Limited being wound up.
Implications of the Judgment
Justice Ijelu emphasized the importance of accountability and the deterrent effect of the judgment, particularly in corporate and financial transactions.
“If the restitution is not made, Omritas Energy Limited will be wound up within 90 days,” the judge declared.
Conclusion
The conviction and sentencing of Phillips reflect the judiciary’s commitment to tackling financial crimes in Nigeria. The restitution order and potential liquidation of Omritas Energy Limited underscore the court’s resolve to ensure victims of fraud are compensated, while sending a strong message to others contemplating similar offenses.
