Businesswoman Sentenced To 17 Years For ₦57.6 Million Fraud
The Lagos State High Court in Ikeja has sentenced businesswoman Oluremi Phillips to 17 years imprisonment over a ₦57.69 million fraud.
Justice I.O. Ijelu delivered the judgment on Thursday, convicting Phillips and her company, Omritas Energy Limited, on five counts of stealing and issuing dud cheques.
The charges were linked to a failed 2016 agreement to supply Automotive Gas Oil (AGO) to AYM Shafa Limited. The court found that Phillips fraudulently converted funds intended for the transaction and issued cheques totalling ₦14.3 million in 2017, which were dishonoured due to insufficient funds.
The trial, which began in January 2022 under Justice S.O. Solebo, was reassigned to Justice Ijelu in 2023 after Justice Solebo’s retirement. Both prosecution and defence called three witnesses each during the proceedings.
In a detailed judgment, Justice Ijelu concluded that the prosecution had proven its case beyond reasonable doubt, convicting Phillips and her company on all five counts.
Phillips was sentenced to nine years imprisonment on the first count, with an option of a ₦2 million fine payable within 90 days, and two years imprisonment on each of the remaining counts. The sentences are to run concurrently.
Omritas Energy Limited, the second defendant, was fined ₦250,000 on the first count and ₦100,000 on each of the remaining counts. The court ordered that the company be wound up within 90 days if the full restitution of ₦57.69 million is not made to the victim.
Additionally, Justice Ijelu directed AYM Shafa Limited to ensure full payment of the restitution amount within 90 days.
