Lagos Businesswoman Sentenced to 17 Years in Prison for N57.6m Fraud

A Lagos State High Court in Ikeja on Thursday, December 12, sentenced businesswoman Oluremi Phillips to 17 years in prison for defrauding AYM Shafa Limited of N57.6 million. Phillips, who operates Omritas Energy Limited, was convicted for fraudulently converting and stealing the sum of N57,690,000, which was meant for the supply of Automotive Gas Oil in 2016. The money was never delivered.

The Economic and Financial Crimes Commission (EFCC) revealed that in April 2017, Phillips’ company issued a cheque for N14,298,075 from Diamond Bank to AYM Shafa Limited. However, the cheque was dishonoured due to insufficient funds. Phillips was charged with five counts, including stealing and issuing a dud cheque, in violation of the Criminal Law of Lagos State, 2011.

Phillips was initially arraigned on January 27, 2022, before Justice Sherifat Solebo, but the case was reassigned to Justice Ijelu in 2023 after Justice Solebo’s retirement. In the new trial, Phillips denied all charges. The prosecution called three witnesses, while the defence also presented three witnesses.

Justice Ijelu found Phillips and Omritas Energy Limited guilty on all charges. Phillips was sentenced to nine years in prison on the first count or a N2 million fine, payable within 90 days. For the remaining counts, she was sentenced to two years each, to run concurrently. Omritas Energy Limited was fined N250,000 on count one and N100,000 for each of counts two to five. The court also ordered Phillips and her company to pay full restitution of N57,690,000 to AYM Shafa Limited within 90 days, with the warning that failure to do so would lead to the winding up of Omritas Energy Limited.