Businesswoman Charged with N57.6m Fraud
A businesswoman, Oluremi EbunPhilips, charged with N57 million fraud, has told the Ikeja Special Offences Court that market instability, not fraud, affected the demand and supply, which later became the bone of contention.
The businesswoman was first arrested in 2019.
EFCC had alleged that the defendant fraudulently converted and stole N57.6 million of AYM Shafa Ltd’s property meant for the supply of diesel, which she failed to supply.
The EFCC also alleged she issued a Diamond Bank cheque for N14,2 million payable to the company, which, when presented for payment, was dishonoured on the grounds that no sufficient funds were standing to the credit of the account.
Ebun-Phillips had pleaded not guilty to the charge following her re-arraignment on March 23, 2023.
Ebun-Phillips, in continuation of her defence, told the court that her company, Omritas Energy Ltd, could not get the drivers of the nominal complainant, AYM Shafa Ltd, to load its supply of diesel due to the price crash from N160 per litre to N140 per litre then.
She said the drivers of AYM Shafa Ltd pulled out of her depot, refused to load, and protested the base amount of the diesel.
The witness said following the AYM Shafa drivers’ refusal, the diesel stayed with her company for more than 60 days, and she was paying for the demurrage.
She told the court that she eventually sold the diesel after the market price crashed further to N105 per litre, and her company had already accumulated a loss.
Ebun-Phillips told the court that after she had sold the product, she received a letter with a seven-day ultimatum from the Head of Legal for AYM Shafa Ltd, Christian Ekemezie, to refund AYM Shafa Ltd the money it paid for the diesel it did not load.
The witness said that after the 7-day ultimatum elapsed, she received a summons from the Ikoyi Division of the Federal High Court, ordering her to close down her company, which she had challenged in court and had thrown away.
However, Ebun-Phillips said while at the court, the EFCC petitioned her about owing AYM Shafa and detained her for 13 days only to free her after she agreed to pay back the amount bit by bit.
Addressing the EFCC’s allegation of fraud, the defence counsel, Akin Olatunji, called for an exhibit from the court which was read out by the witness to contain a mandate card bearing the name and signature of her late husband and chairman of Omritas Energy Ltd, Oluwasegun Philips.
Justice Ismail Ijelu adjourned the matter to May 7, 2024, for the cross-examination of Ebun-Phillips by the prosecution and the continuation of the defence.