LAGOS BUSINESS WOMAN BAGS 17-YEARS JAIL TERM OVER N57.6 MILLION FRAUD

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On Thursday, a Lagos State High Court in Ikeja found businesswoman Oluremi Phillips guilty of cheating AYM Shafa Limited out of N57,690,000 and sentenced her to 17 years in jail.

After being arraigned on January 27, 2022, Phillips first appeared in court before Justice Sherifat Solebo of the Special Offences Court, Ikeja.

The case was reassigned to Justice Ijelu since the trial could not be finished before Justice Solebo resigned in November 2022.

According to the EFCC, Phillips and her business, Omritas Energy Limited, defrauded AYM Shafa Limited of N57,690,000 in property that was intended for the delivery of automotive petrol oil, which she failed to deliver, sometime in 2016.

According to the commission, Omritas Energy Limited intentionally sent AYM Shafa Limited a cheque for N14,298,075 made out to Diamond Bank on or around April 10, 2017.

According to the anti-graft agency, the cheque was returned because there were not enough funds in the account when it was offered for payment.

On May 22, 2023, the convicted individual and her business, Omritas Energy Limited, were re-arraigned on five counts of theft and writing a fraudulent cheque for N57,690,000.

The offences violated Section 285(1) of the Lagos State 2011 Criminal Law, according to the EFCC.

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Phillips pleaded not guilty to all charges, and the trial commenced, 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 judgment on Thursday, Justice Ijelu found Philips and her company guilty on all five 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.

Justice Ijelu ordered the convicts to pay restitution of N57,690,000 to AYM Shafa Limited within 90 days.

He said, “If the restitution is not made, Omritas Energy Limited will be wound up within 90 days.”