LAGOS COURT JAILS NOGASA CHAIR, FATUYI PHILLIPS 21 YEARS FOR N43. 5M FRAUD. (PHOTO). #PRESS RELEASE

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 Lagos Court Jails NOGASA Chair, Fatuyi Phillips 21 Years  for N43.5m Fraud    Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Monday, November 18, 2024, convicted and sentenced Fatuyi Yemi Philips, Chairman, Natural Oil and Gas Suppliers Association of Nigeria, NOGASA, to 21 years imprisonment for N43.5m fraud.   The Lagos Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on April 5, 2022, arraigned Philips alongside his firm, Oceanview Oil and Gas Limited, on a two-count charge bordering on obtaining money by false pretence to the tune of N43, 502,000.00   Count one reads: "Fatuyi Yemi Philips and Oceanview Oil and Gas Nigeria Limited, on or about the 28th day of September, 2016 at Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, obtained the aggregate sum of N43, 502,000.00 from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited under the false rep
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FORD MOTORS,TO START ASSEMBLING THEIR PRODUCTS IN NIGERIA VERY SOON.

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                    According to the U.S auto based maker said today tuesday that Ford Motor Company will start assembling its best selling Ford Ranger pickup truck in Nigeria by the fourth quarter,as it expands in Africa and the Middle East.The Nigerian assembly plant,in partnership with Ford dealer Coscharis Motors Limited,is the first outside South Africa,where Ford producers the Ranger for 148 markets.Jeff Nemeth,the president and CEO of Ford Motor Company's business in sub-Saharan Africa said ''Nigeria is a priority market for us in the sub-Saharan Africa.Depending on how Nigeria develops over time...we are potentially looking at using our Nigerian plant to service West Africa.The auto market in Africa's biggest economy has huge potential but retails only a small amount of new  vehicles annually.The sector is dominated by imported used vehicles,while limited financing for consumers to buy new vehicles and absence of an industrial policy that would encourage suppliers to set up in Nigeria have stunted growth.The Ikeja plant near Lagos will assemble the Ford Ranger using parts and components imported from South Africa.The plant will have the capacity to assemble up to 5,000 units annually,which will be sold in Nigeria.Ford produces 85,000 units each year in South Africa,which are sold across 24 African countries.It would take between 1 to 2 months to take an order,build it and deliver it within the country.If you order from overseas it would take between 4 to 6 months''.

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