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
Zimbabew's Finance Minister Patrick Chinamasa announced the plan in a statement late December 2015 that the use of the Yuan ''Will be a function of trade between China and Zimbabwe and acceptability with customers in Zimbabwe''.Zimbabwe had abandoned its own dollar in 2009 post the hyperinflation period which had reached as high as 500bn%,causing its currency to be unusable.It had then started using number of foreign currencis,including the US dollar and the South African rand.The yuan had been added later.Yuan has been a legal tender in the country's multi-currency system for two years now.However,its use had not been approved yet until recently for public transactions in the market.Though an economist John Robertston told Al Jazeera that ''Nothing looks to change from this latest move''.
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