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
Lagos State Governor,Mr Akinwunmi Ambode yesterday monday expressed the desire of his administration to partner with the Federal Republic of Germany in the areas of power,transport,technology and development finance to bring about a quantum leap in establishment and sustenance of businesses in the State.Governor Ambode,who spoke at Lagos House in Ikeja while playing host to the President of Germany,Mr.Joachim Gauck,said he was also favourably disposed to a sister city relationship between Lagos,the economic capital of Nigeria and Frankfurt,the commercial hub in Germany,especially in the area of financial service sector.He said Lagos being a commercial hub and the fourth largest economy in Africa with a GDP that is bigger than those of 41 countries in the continent combined,and Frankfurt a major economic hub in Europe should explore a working relationship in terms of massive financial service that would be mutually beneficial to the two cities.''One of the things i have tried to do quickly is to uphold the situation that there must be sanctity of law and there must be rule of law.We are strongly committed to the security and judicial sector reforms and we believe that is the only way we can encourage investors to come and do business in Lagos.I must recognize quickly the volume of German investments that we have in Lagos and i must quickly recognize what it means to us because ultimately it is about creation of jobs for our people and where we see a situation where we have willing partners and by the demonstration of the number and quality of businessmen that you have brought in this delegation,i am assured that we would have so much to do together as we proceed.I will like to let you know that the key areas that we are deeply interested in are power,technology and transport.We believe that we need to change the state of our transportation system in Lagos and that is why we are quietly talking to some German companies that we want a situation where we can actually phase out some of the buses that we are using for the quality buses that come from Germany and we are talking about buses to the volume of 10,000 to 20,000.Beyond that,we must also start to think about creating assembling plants and also workshop plants in Lagos to grow the economy of Germany and at the same time grow the economy of Nigeria''.More photos below. 
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