An oil marketer, Victor Ojomo, and his company, Vijorm Oil Nigeria Limited, have been sentenced to 30 years in prison by an Ikeja Special Offences Court for defrauding a businessman of N47,645,000. Justice Rahman Oshodi found Ojomo guilty on charges of conspiracy, obtaining money by false pretence, and theft. Ojomo orchestrated a fraudulent scheme involving a purported oil trading deal that deprived the victim of substantial funds.
The court also ordered the restitution of the full amount to the victim, noting the severe impact of the fraud. Ojomo received 14 years’ imprisonment for each of the first two charges and an additional two years and one month for the third charge. These sentences are to run concurrently from July 2023, when Ojomo was remanded in custody. While acknowledging that some funds had been recovered, the court stressed that a significant balance remained unpaid.
Ojomo’s company, Vijorm Oil Nigeria Limited, was also convicted and fined for its role in the fraud. The judge ruled that the company would be wound up if it failed to pay the fines within 90 days. Additionally, the court allowed Ojomo the possibility of a reduced sentence if full restitution of the stolen funds is made.
The case stemmed from a failed oil deal in 2018 in which the victim, Mr Abdulwaheed Jimoh, entrusted Ojomo with nearly N50m to import oil from Lome to Nigeria. However, Ojomo and his company failed to deliver, and the court concluded that their actions were fraudulent from the outset.
The court’s ruling emphasized the need for deterrence in cases of financial fraud and highlighted the importance of accountability for both individuals and corporate entities involved in such schemes.
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