These are not the best of times for Victor Ojomo, the Chief Executive Officer of Vijorm Oil Nigeria Limited as an Ikeja Special Offences Court has convicted and sentenced him
to 30 years imprisonment for orchestrating a fraudulent scheme and defrauding a businessman of N47,645,000.
Justice Rahman Oshodi delivered the judgment on Friday, convicting Ojomo on three counts: conspiracy to obtain money by false pretence, obtaining money by false pretence, and stealing.
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.”
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.”
The court also ordered a restitution of the sum of N47,645,000 to the victim.
Justice Oshodi further convicted Ojomo’s company and held that it would be wound up if it failed to pay the fines imposed against it, within 90 days.
Although Ojomo was a first-time offender, the judge emphasised that the gravity of his offences far outweighed any mitigating factor.
“Given the severity of the offences and the need for deterrence, I have decided to impose a sentence of 70% of the maximum prescribed sentences,” he said.
The court sentenced Ojomo to 14 years’ imprisonment for both the first and second counts, and two years and one month for the third count.
These sentences are to run concurrently, beginning from July 10, 2023, the date of his remand.
Justice Oshodi acknowledged that N2m had been recovered from MAO Petroleum and returned to the victim, but stressed, “This represents only a fraction of what was taken, leaving a balance of N47,645,000.”
The judge made a restitution order for the full amount under Section 11 of the Advance Fee Fraud Act, instructing that all funds in Exhibit F, in the name of Vijorm Oil Nigeria Limited, be applied towards restitution.
“The prosecution is to ensure full restitution is made, as per Section 11 of the Advance Fee Fraud Act,” he added.
The judge also offered Ojomo the possibility of a reduced sentence if he made 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% of your sentence.
“I urge you to reflect on your actions and use this time to reform yourself.”
Ojomo’s company, Vijorm Oil Nigeria Limited, was also convicted of fraud.
While the company, as a corporate entity, cannot be imprisoned, it was held accountable for its role in the scheme.
Justice Oshodi imposed fines on the company: N2.5m, each for the first and second counts, and N500,000 for the third count.
The judge warned that if the company failed to pay the fines within 90 days, it would be wound up and its assets forfeited to the Federal Government of Nigeria.
“These sentences reflect the severe nature of using a corporate structure to perpetrate fraud,” Justice Oshodi remarked.
Your actions have harmed the victim and eroded public confidence in legitimate business transactions.
“This sentence is designed as both punishment and deterrence to others contemplating similar fraudulent activities.”
The Economic and Financial Crimes Commission had arraigned Ojomo and his company on charges of fraud arising from a purported oil trading deal involving 5,000 metric tonnes of Automotive Gas Oil.
The prosecution accused the convicts of conspiracy, obtaining money by false pretence, and stealing.
Justice Oshodi recounted the case, stating, “In 2018, the complainant, Mr Abdulwaheed Jimoh (Prosecution Witness 1), entrusted the defendants with the sum of N49,645,000 to facilitate the importation of 5,000mt of AGO from Lome to Nigeria.”
The central issue, the judge noted, was not whether the money changed hands, but the intentions behind the transaction and the subsequent actions of the parties involved.
The defence, led by Mr. Ayo Olumofin, argued that Ojomo’s failure to supply the AGO was due to a frustrated transaction, not deceit.
They blamed a third party, Mr Philip, for failing to issue a bank guarantee or standby letters of credit, and pointed to the absence of a valid lien instrument.
“They alleged that the document submitted by PW1 (Exhibit B) was false, thus rendering the entire deal untenable,” Justice Oshodi summarised.
However, the prosecution, led by Mr. T. J. Banjo, argued that the defendants had never intended to fulfil their promises, presenting evidence that a purported N100m, block fund from GTB, offered by the defendants to PW1, was fabricated.
The prosecution also alleged that payments for naval clearance, storage at MAO Petroleum Company Limited, and other associated costs were a ruse to deceive PW1.
After reviewing the evidence and testimony, Justice Oshodi concluded, “The prosecution has successfully proven all three charges beyond reasonable doubt.
“The totality of the evidence paints a coherent picture of a fraudulent scheme orchestrated by the defendants.”
Ojomo and his company were found guilty on all counts of conspiracy to obtain money by false pretence, obtaining money by false pretence, and stealing.
