A Lagos State High Court in Ikeja has sentenced businesswoman Oluremi Phillips to 17 years in prison for defrauding AYM Shafa Limited of N57,690,000. Phillips, the owner of Omritas Energy Limited, was convicted on December 12, 2024, for the fraudulent conversion and theft of funds intended for the supply of Automotive Gas Oil (AGO) in 2016.
The Economic and Financial Crimes Commission (EFCC) reported that Phillips and her company unlawfully obtained the funds but failed to deliver the AGO as agreed. In an attempt to conceal the fraud, Omritas Energy Limited issued a cheque of N14,298,075 to AYM Shafa Limited on April 10, 2017. However, the cheque was dishonoured due to insufficient funds in the company’s bank account.
Phillips had been initially arraigned on January 27, 2022, before Justice Sherifat Solebo of the Special Offences Court, Ikeja. However, after Justice Solebo’s retirement in November 2022, the case was reassigned to Justice Ijelu, and the trial resumed. On May 22, 2023, Phillips and Omritas Energy Limited were re-arraigned on five charges of theft and issuing bad cheques totaling N57,690,000.
The EFCC highlighted that the charges violated Section 285(1) of the Criminal Law of Lagos State 2011. Despite pleading not guilty to all charges, Phillips faced a lengthy trial in which the prosecution, led by Banjo James, presented three witnesses and numerous documents. The defence, represented by Akin Olatunji, also called three witnesses.
On December 12, Justice Ijelu delivered his verdict, convicting Phillips and her company on all five counts. The judge sentenced Phillips to nine years in prison, with an option to pay a N2 million fine within 90 days for count one. For counts two to five, Phillips was given a two-year sentence for each count, to run concurrently. Omritas Energy Limited was fined N250,000 for count one and N100,000 for each of the remaining counts.
Additionally, Justice Ijelu ordered the convicts to pay restitution of N57,690,000 to AYM Shafa Limited within 90 days. He further stated that if the restitution was not made, Omritas Energy Limited would be wound up within the same period.
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