Lagos Court Cracks Down on Corporate Crime: Oil MD Gets 30 Years

Oil Executive Faces 30 Years for Crimes in Lagos

“You orchestrated an elaborate scheme to defraud the victim of N47,645,000 and...”

N47.6m Fraud: Ikeja Court Convicts Victor Ojomo, Vijorm Oil Nigeria Limited. Sentence reducible to 7 years upon full restitution, judge rules.

Victor Ojomo, an oil marketer, and his company, Vijorm Oil Nigeria Limited, have been convicted and sentenced to 30 years in prison for orchestrating a fraudulent scheme that defrauded a businessman of N47,645,000. This verdict was delivered by Justice Rahman Oshodi of the Ikeja Special Offences Court on Friday, October 18.

Conviction Details

Counts: Ojomo was convicted on three counts: conspiracy to obtain money by false pretence, obtaining money by false pretence, and stealing.

Sentence: 30 years imprisonment for Ojomo and his company.

Fraudulent Scheme: The scheme resulted in a loss of N47,645,000 for the unnamed businessman.

This conviction highlights the ongoing efforts to tackle fraud and corruption in Nigeria's oil industry. Similar cases have been reported in the past, such as the conviction of Julian Ndubueze Ezeji, another oil marketer, who was sentenced to 20 months imprisonment for fraud.

 In his judgment, Justice Oshodi stated, “You orchestrated an elaborate scheme to defraud the victim of N47,645,000 and showed no remorse throughout the proceedings.”

Justice Oshodi ordered Victor Ojomo, an oil marketer, to pay N47,645,000 in restitution to the victim who was defrauded through a sophisticated scheme. This comes after Ojomo was convicted and sentenced to 30 years in prison alongside his company, Vijorm Oil Nigeria Limited.

Ojomo's company was also convicted and faces severe consequences if it fails to pay the imposed fines within 90 days. Justice Oshodi ruled that the company would be wound up if payment is not made, emphasizing the gravity of Ojomo's offences. Despite being a first-time offender, the judge deemed the severity of the crimes to outweigh any mitigating factors.

This verdict highlights the ongoing efforts to combat fraud in Nigeria's oil industry. Similar cases have led to convictions, such as that of Julian Ndubueze Ezeji, another oil marketer who was sentenced to 20 months imprisonment for fraud. These judgments demonstrate the commitment to holding perpetrators accountable and protecting victims of financial crimes.

The judge highlighted the severe impact of Ojomo's actions, noting, “The victim has been deprived of his funds for years, and the impact on his life cannot be overstated.”

”Given the severity of the offences and the need for deterrence, I have decided to impose a sentence of 70 percent of the maximum prescribed sentences,” he said.

Victor Ojomo, the convicted oil marketer, has been handed a significant sentence by Justice Oshodi. He'll serve 14 years in prison for the first two counts, and an additional two years and one month for the third count - but here's the important part, these sentences will run concurrently, starting from July 10, 2023, when he was first remanded.

In terms of restitution, Justice Oshodi noted that N2 million has been recovered from MAO Petroleum and returned to the victim, but that's just a fraction of the total amount taken. The remaining balance of N47,645,000 still needs to be accounted for, emphasizing the severity of Ojomo's crimes. This ruling demonstrates the court's commitment to holding perpetrators accountable for financial crimes and ensuring justice for victims.

Judge Oshodi ordered Victor Ojomo to pay full restitution of N47,645,000 under Section 11 of the Advance Fee Fraud Act. He instructed that funds in Exhibit F, held in Vijorm Oil Nigeria Limited's name, be used for restitution. “The prosecution is to ensure full restitution is made, as per Section 11 of the Advance Fee Fraud Act.”

Judge Oshodi offered Ojomo a reduced sentence in exchange for full restitution: “If you make full restitution of N47,645,000 to the victim, your sentence will be reduced to seven years, which is 50 percent of your sentence.” He encouraged Ojomo to reflect on his actions and reform.

Vijorm Oil Nigeria Limited, Ojomo's company, was also convicted of fraud. Although corporate entities can't be imprisoned, the company was held accountable for its role in the scheme.