On Thursday, December 12, the Lagos State High Court in Ikeja sentenced businesswoman Oluremi Phillips to 17 years in prison for defrauding AYM Shafa Limited of N57,690,000.
The Economic and Financial Crimes Commission (EFCC) revealed that Phillips, alongside her company, Omritas Energy Limited, misappropriated funds intended for the supply of Automotive Gas Oil in 2016. A Diamond Bank cheque issued by the company in 2017 for N14,298,075 was dishonored due to insufficient funds.
Initially arraigned on January 27, 2022, before Justice Sherifat Solebo, the case was reassigned to Justice Ijelu after Justice Solebo’s retirement in November 2022. Phillips and her company faced five charges, including theft and issuing dud cheques, which contravened Section 285(1) of the Lagos State Criminal Law.
Justice Ijelu found the defendants guilty on all counts. Phillips was sentenced to nine years imprisonment or a N2 million fine for the first count and two years for each of counts two to five, to run concurrently. Her company, Omritas Energy Limited, was fined N250,000 for count one and N100,000 each for counts two to five.
The court also ordered restitution of N57,690,000 to AYM Shafa Limited within 90 days, warning that failure to comply would result in the liquidation of Omritas Energy Limited.
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