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
14 November 2016,Abuja.Today Senate President {Dr} Bukola Saraki said ''ending the recession requires dialogue and cooperation from Nigeria's national leaders''.The Senate President's comments were in response to repeated questions about his recent meetings with President Muhammadu Buhari and the Senate's votes to return the President's Mid-Term Economic Framework {MTEF} and $29.9 billion loan request pending the submission of supporting documentation.''Reports of rising tension between lawmakers and the president are overblown,'' Saraki stated.''The MTEF and the loan request were returned to the executive because both submissions lacked the supporting documentation necessary to conduct due diligence and oversight'' he said. ''The real concern should be the length of time it will take to receive the requested documentation and the time lost toward beginning the 2017 budget process''.The Senate President explained that the 1999 Constitution of the Federal Republic of Nigeria gives the National Assembly {NASS} the power to approve federal appropriations.This mean the annual budget,appropriations bills and loan requests must be passed by the NASS.What the media is now covering and what the public is witnessing is not political gamesmanship'' Saraki observed. ''This is the discourse that must occur if we are to figure out the best way to tackle the recession.The growing cooperation between the executive and legislative branch is the only way to move Nigeria forward''.Both the National Bureau of Statistics and Bloomberg Markets reported today Nigeria's inflation rate rose in October from 17.9% to 18.3%.Increases in the inflation rate of housing,electricity,water,lubricants for personal transport and education were leading sub-index sectors driving the inflation rate.Additionally,food inflation rose from 16.6% to 17.1% led by increases in the price of bread,cereal,fish and meat.The Senate President further stated, ''at the end of the day we as elected leaders must listen to the testimonies off the people and understand the level of despair in the country.'' ''I am confident that by working together we can overcome the recession and address the needs of so many in meaningful ways''.
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