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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EFCC AND CBN TO COLLABORATE ON ANTI-GRAFT WAR.

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                 The Economic and Financial Crimes Commission EFCC,is to collaborate with the Central Bank of Nigeria,CBN,to review laws of the Banking and other Financial Institutions Act,BOFIA,2004 to effectively tackle the emerging money laundering trends and other corrupt practices in the country.This was made known on Wednesday April 20,2016 by David Illoyanonmon,Head,North West Zonal Office of the EFCC during a courtezy call to the CBN,Kano Branch.Illoyanomon noted that ''At this point in time when the country is facing challenges in areas of fraudulent practices,the CBN remains pivotal in stabilizing the Nigerian economy through reviewing of some of its laws which due to emerging fraudulent practices have made them archaic''.In her remarks,the Kano branch controller,CBN,Ameena P. Abubakar stressed the need to review the archaic laws towards meeting the current global challenge of anti--corruption war.According to her,''The CBN is consistently working round the clock to ensure that financial institutions like the banks and Bureau de Change,BDC,adhere strictly to the laws of the CBN''.She reiterated that CBN is ready to partner with the EFCC towards ensuring that all stakeholders play within the rules of the agency and the law.The meeting had in attendance,Head,Public Affairs Department,EFCC Kano,Medard Ehimika and his counterpart in the advance Free Fraud unit,Aliyu Naibi.Others include Tijjani Zakirai,Ishaku Baba and A.J Bello,all from the Kano Branch of CBN.One more photo below.             

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