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
Yesterday i reported that today wednesday the Senate will begin the public hearing on the petroleum Industry Governance Bill {PIB},which passed second reading on tuesday November 1st,2016.So today Senator Saraki declared open the public hearing on the Petroleum Industry Bill,which is a step forward in creating a framework for petroleum industry.In the opening remark of the Senate president in which i will write in parts because is too long and marked 1-19, he said in 1.''The petroleum industry remains the mainstay of the Nigerian economy.Oil and gas have been,and will likely remain for the forseeable future,Nigeria's most important non-renewable energy source.The industry contributes over 90% of the country'dd foreign exchange earnings.3.It is unacceptable that till date,we still import over 90% of needed petroleum products {petrol and chemicals},we flare substantial gas produced,we have damaged our eco-systems and polluted our communities and cannot supply adequate electricity to our homes and industries.This situation has undermined our citizens' standard of living,life expectancy,our national energy security and has resulted to other unforeseen fall-outs like: labour unrest; fuel queues; high cost of delivery of products; high cost of delivery of overall services in the overall economy; and unquantifiable wastage of national productivity as a result.5.The 8th Senate recognizes that the reason for the death of reform in the industry is not due to lack of trying.Since 2008 when the PIB was first introduced through to the 7th National Assembly,several versions of the bill have unsuccessfully made their way through the National Assembly''.While,the PIB was stalling and its passage delayed at the National Assembly,investment decisions in the industry continued to suffer,keeping the country's future in limbo and denying Nigeria the unique opportunity as an oil and gas leader in Sub Sahara Africa.More photos below.
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