LAGOS COURT JAILS NOGASA CHAIR, FATUYI PHILLIPS 21 YEARS FOR N43. 5M FRAUD. (PHOTO). #PRESS RELEASE
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
The governor in a statement signed by his Chief Press Secretary,Mr Habib Aruna said that the decision was carried out based on a recent discovery that the concession was grossly detrimental to the interests of the people of the state.According to him,only N50 million was paid by the concessionaire,Afriland Properties,for a 50 year lease of the property belonging to the government.He said the state Government,as custodian of the interests of Lagosians,is committed to the restructuring of the LSDPC to ensure it begins to provide positive capital returns to the state Government for the ultimate benefit of the people''.Governor Ambode had two months ago,relieved former Managing Director of the LSDPC,Mr Biodun Oki,of his appointment,and appointed Mr Jacob Agosu as Acting CEO of the Corporation,in a bid,according to the statement,to stem the tide of negative capital returns of the corporation.
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