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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NIGERIAN ELECTRICITY REGULATORY COMMISSION IS SET TO SIGN NEW TARIFFS FOR NIGERIANS THIS WEEK.

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NERC to release new adjusted electricity rate                         These weekend,the Nigerian Electricity Regulatory Commission {NERC} at the weekend said that after duly considering the various individual electricity tarriff submissions of the 11 electricity distribution companies {Disco} in Nigeria's electricity market,the new tariffs  will be ready and signed off for use this week.Though techinical details of the new tariff structure have been finalised by the regulator,NERC said at a workshop in Abuja that a final regulatory meeting would be held in the week to conclude the process and then sign it off.NERC Chairman,Dr Sam Amadi said that the regulator had held meetiings with Discos to finalise on their respective tariff proposals.He said that the commission had gotten feed backs from both government,the Disco and would now conclude the process.''We have gone to the Discos,gotten feedback,gone to government and gotten feedback.We have not finalised.In our view,we have basically done the crunching of numbers.It is not about tariff increase,it is also not about their financial outlaw.We have done the technical work,remaining the regulatory work,by next week,we should sign off on the new tariff''.

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