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
It was reported today By PM News,that in a bid to recover a debt of N924,788,754.56,a Federal Court sitting in Lagos,has ordered that all accounts belonging to former captain of the Super Eagles,Nwankwo Kanu and his company,The Hardley Apartments anywhere and in any bank or financial institution in Nigeria should be frozen pending the hearing of a suit filed against him and his company.Also affected by the order of the court is a Director of Hardley Apartment,Ayoola Gam-Ikon.The order of the court was as a result of a debt recovery suit filed by Asset Management Corporation of Nigeria {AMCOM} against the defendants.The presiding judge,Okon Abang after accessing the case,ordered that AMCON shall in the interim possess all the movable and immovable properties known as Plot 46,Waziri Ibrahim Cresent,Victoria Island,Lagos.That in the interim the debt due or accruing from The Hardley Apartment as well as the debts accruing from the defendants jointly and severally and freezing all accounts belonging to the defendants jointly and severally anywhere and in any bank and any financial institution in Nigeria are hereby attached pending the hearing of this suit.The matter has been adjourned for hearing but what really happened is that in an affivavit sworn to by a Credit Officer in the Directorate of AMCON,Mr Victor Igabor,and filed and argued by Barrister Niyi Olopade,the deponnent averred that sometime between May,2008 and in January 2011 Skye Bank offered The Hardley Apartments engaged in business of hospitality located at Plot 46,Waziri Ibrahim Cresent,Victorial Island,Lagos,a loan of N520,457,000.The loan was secured by a mortgage on the company's three blocks of forty accommodation units with estimated open market value of N395 million as well as unconditional personal,joint and several guarantee of Ayoola Gam-Ikon and Nwankwo Kanu.The defendants failed to repay the loan with the accrued interest despite repeated demands,consequent upon which Skye Bank Plc assigned the defendants indebtedness in the sum of N558,313,905.37 as at 1 April,2011 to the AMCON as a toxic bank asset in line with the establishment objective of the said AMCON.The defendants indebtness as at the 15th of October 2015 stood at N924,788,754.56 representing principal and interest while interest is still running.One more photo below. 
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