A Lagos State High Court in Ikeja has sentenced a businesswoman, Oluremi Phillips, to 17 years in prison for defrauding AYM Shafa Limited of N57,690,000 in a fraudulent transaction involving the supply of Automotive Gas Oil.
The Economic and Financial Crimes Commission charged Phillips and her company, Omritas Energy Limited, with five counts of stealing and issuing dud cheques.
Justice I.O. Ijelu delivered the judgment on Thursday, convicting Phillips and her company on all charges.
The case, initially heard by Justice Sherifat Solebo of the Special Offences Court, Ikeja, began in January 2022 but was reassigned after Solebo’s retirement in November 2022.
According to the EFCC, in 2016, Phillips fraudulently converted N57,690,000 paid by AYM Shafa Limited for a diesel supply contract that she failed to fulfill.
On April 10, 2017, her company issued a cheque for N14,298,075 to AYM Shafa Limited, but it was dishonoured due to insufficient funds in the account.
The offences contravened Section 285(1) of the Criminal Law of Lagos State 2011.
Phillips pleaded not guilty to all charges. The prosecution, led by EFCC counsel Banjo James, presented three witnesses and several documents as evidence. The defence, led by Akin Olatunji, also called three witnesses.
After reviewing the evidence, Justice Ijelu found Phillips and Omritas Energy Limited guilty on all counts.
The judge sentenced Philips to nine years imprisonment or an option of a N2m fine, payable within 90 days, in count one.
For counts two to five, she was sentenced to two years imprisonment each, to run concurrently.
The court fined Omritas Energy Limited, the second convict, N250,000 on count one and N100,000 on each of counts two to five.
Additionally, the court ordered both convicts to pay restitution of N57,690,000 to AYM Shafa Limited within 90 days.
Failure to comply would result in the liquidation of Omritas Energy Limited.
