A Lagos State High Court in Ikeja has sentenced Oluremi Phillips, a businesswoman, to 17 years in prison for defrauding AYM Shafa Limited of N57,690,000. Justice Ijelu delivered the verdict on Thursday, finding Phillips and her company, Omritas Energy Limited, guilty on all five charges, including stealing and issuing dud cheques.
The fraud, which dates back to 2016, involved funds meant for the supply of Automotive Gas Oil. The company also issued a dishonored cheque of N14,298,075 in 2017. The Economic and Financial Crimes Commission (EFCC) prosecuted the case, presenting evidence and witnesses over the lengthy trial.
Phillips was given an option to pay a N2 million fine for count one and a concurrent two-year prison sentence for counts two to five. Her company was fined N550,000 and ordered to repay the stolen N57,690,000 within 90 days. Failure to comply will lead to the company’s closure.
Justice Ijelu stressed accountability in financial dealings, marking this as a significant win against corporate fraud.
