Court sentences businesswoman to 17 years for ₦57.6m fraud

A Lagos State High Court in Ikeja sentenced businesswoman Oluremi Phillips to 17 years imprisonment for ₦57.69 million fraud.

Phillips, alongside her company, Omritas Energy Limited, was convicted on Thursday by Justice I.O. Ijelu on five counts of stealing and issuing dud cheques.

The charges stemmed from a failed agreement to supply Automotive Gas Oil (AGO) to AYM Shafa Limited in 2016.The court held that Phillips fraudulently converted the funds meant for the transaction and issued cheques totalling ₦14.3 million in 2017, which were dishonoured due to insufficient funds.

The trial began in January 2022 under Justice S.O. Solebo but was reassigned to Justice Ijelu in 2023 following Justice Solebo’s retirement. Both the prosecution and defence presented three witnesses each during the trial.

In a detailed judgment, Justice Ijelu ruled that the prosecution had proven its case beyond reasonable doubt, convicting Phillips and her company on all five counts.

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The court sentenced Phillips 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 will 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 also ordered the company to be wound up within 90 days if restitution of the full ₦57.69 million is not made to the victim. Justice Ijelu further mandated that AYM Shafa Limited must pay the restitution amount within 90 days.