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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SHELL NIGERIA TO START UP PRODUCTION,FROM BONGA PHASE 3.

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                  This was contained in a statement issued and signed by Mr Precious Okolobo,the Corporate Media Relations Manager today monday.The statement quoted Mr Andrew Brown,Shell's Upstream International Director,as saying ''This new start up is another important milestone for Bonga,adding valuable new production to this major facility''.Brown said that Bonga Phase 3 is an expansion of the Bonga Main development,with peak production expected to be some 50,000 barrels of oil equivalent.He said that this would be transported through existing pipelines to the Bonga floating production storage and offloading {FPSO} facility.Brown said that the FPSO had the capacity to produce more than 200,000 barrels of oil and 150 million standard cubic feet of gas a day.According to the statement,the Bonga field,which began producing oil and gas in 2005,was Nigeria's first deep water development in depths of more than 1,000 metres.Bonga has produced over 600 million barrels of oil to date.The Bonga project is operated by SNEPCO as contractor under a production sharing contract with the Nigerian National Petroleum Company,which holds the lease for OML 118,in which the Bonga field is located.SNEPCO holds a 55 percent contractor interest in OML 118.

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