A Lagos State High Court in Ikeja has sentenced businesswoman Oluremi Phillips to 17 years imprisonment for defrauding a company of N57,690,000.
Phillips, the owner of Omritas Energy Limited, was found guilty of stealing and fraudulent conversion of funds meant for the supply of Automotive Gas Oil in 2016.
The sentencing, delivered by Justice Ijelu on December 12, 2024, marked the end of a legal battle that spanned nearly two years.
The case began when the Economic and Financial Crimes Commission (EFCC) accused Phillips of dishonestly obtaining funds from AYM Shafa Limited for oil supplies that were never delivered.
To cover up the fraud, Omritas Energy Limited issued a cheque for N14,298,075 to AYM Shafa Limited on April 10, 2017.
However, the cheque bounced due to insufficient funds in the company’s account.
Phillips, who was initially arraigned on January 27, 2022, before Justice Sherifat Solebo of the Special Offences Court in Ikeja, pleaded not guilty.
Her trial was delayed when Justice Solebo retired in November 2022, leading to the case being reassigned to Justice Ijelu.
The EFCC re-arraigned Phillips and her company on May 22, 2023, on five counts of stealing and issuing dud cheques.
The charges were based on Section 285(1) of the Criminal Law of Lagos State 2011.
During the trial, the EFCC’s prosecution team, led by Banjo James, presented three witnesses and submitted documentary evidence.
Phillips’ defense, represented by Akin Olatunji, also called three witnesses to counter the charges.
Justice Ijelu found Phillips and Omritas Energy Limited guilty on all five counts.
For count one, Phillips was sentenced to nine years in prison with an option to pay a N2 million fine within 90 days.
For counts two to five, she received two years for each count, to run concurrently.
Omritas Energy Limited, her company, was fined N250,000 for count one and N100,000 for each of counts two to five.
The court also ordered Phillips and her company to pay restitution of N57,690,000 to AYM Shafa Limited within 90 days.
Justice Ijelu issued a stern warning: “If the restitution is not made, Omritas Energy Limited will be wound up within 90 days.”
The judgment has been hailed as a victory for accountability in the fight against economic crimes in Nigeria.
An EFCC spokesperson described the outcome as “justice served against greed and dishonesty in the oil and gas sector.”
Observers noted the dramatic twists in the case, from the cheque that bounced to the reassignment of the trial.
“This is a wake-up call for business owners who think they can escape justice,” remarked a legal expert after the judgment.
Phillips’ conviction underscores the EFCC’s commitment to prosecuting financial crimes, no matter how long it takes.
Justice Ijelu’s decision has sent a clear message about the consequences of fraudulent practices in Nigeria.
