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

READ WHY SOME NIGERIANS DON'T WANT WALMART STORES,TO OPERATE IN NIGERIA.

                       According to sources,The Federation of Informal Workers Organizationa of Nigeria {FIWON},representing millions of working people in the informal sectors of the Nigerian economy,has asked Walmart,the global retail trade giant not to come and invest in Nigeria.The workers argued that ordinary people will suffer in the long run.The workers,in an open letter to President Muhammadu Buhari and Governor Akinwumi Ambode of Lagos state,signed by Gbenga Komolafe,General Secretary,said they are concerned because millions of retail businesses including street and market vendors,some of who happen to be their members face the threat of being displaced from business by this global behemoth.Shelley Broader,President and Chief Executive Officer of Wamart Incorporated Europe,Middle East,Africa and Canada recently paid a visit to Governor Ambode in a quest to establish business presence in Nigeria starting with Lagos state.Ambode welcomed the Walmart executives while pledging his commitment to create an enabling environment for the global retail company because ''The presence of the brand in Lagos will go a long way not only to create jobs for our teeming youths,but also boost the economy of the state..''.However,the workers disagreed.According to them ''As it is,millions of jobs have been lost in Nigeria in the last two decades as a result of Nigeria's extreme open market policy which has turned the country to a dumping ground of,very often,fake,sub-standard goods from all over the world especially,in recent years,China.Given Nigeria's well known infrastructural deficiencies,Nigerian manufactured goods stood no chance as hundreds of factories closed down,rendering millions of Nigerians jobless or with low paying work in the informal sector of the economy''.What do you think,do you think the coming of Walmart to Nigeria will destabilize our economy?.    

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