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 TELECOMMUNICATION MINISTER,ADVISED MTN TODAY TO DROP IT'S LEGAL ACTION OVER THE $3.9 BILLION FINE.

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                            Nigerian telecommunication minister Adebayo Shittusaid today tuesday that South African telecommunication company MTN should drop its legal action over a $3.9 billion fine imposed in Nigeria to help facilitate talks on a possible settlement.The Nigerian Communications Commission {NCC} slapped a $5.2 billion fine on MTN in October 2015 for failing to disconnect users with unregistered SIM cards but after weeks of negotiations reduced it by 25 percent.MTN,which makes about 37 percent of its revenue from Nigeria,then filed a suit in Nigeria,questioning NCC's legal grounds for imposing the penalty.Adeboyo Shittu said ''I'm not aware of any out of the court settlement.President Muhammadu Buhari will have the final decision on the matter,adding that MTN might be advised to withdraw the court case filed against the fine.If they withdraw it creates a better environment,an environment where there is no stress or pressure on eith side''.A judge in Lagos last week gave the company until March 18 to try to reach a settlement with the Nigerian authorities over the fine.Ihe prospect of a lower fine boosted MTN shares.The fine equates to more than twice MTN's annual average capital spending over the past five years.One more photo below.                                                                                                                                                 

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