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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THE SENATE WILL HOLD PUBLIC HEARING ON THE PETROLEUM INDUSTRY GOVERNANCE BILL TOMORROW.

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                    The Senate,will on wednesday [December 7th,2016} begin the public hearing on the Petroleum Industry Governance Bill {PIB},which passed second reading on tuesday,November 1st,2016.The PIB governnce legislation,which has been stalled in successive Assemblies,has reached its farthest stage in 16 years.
The Bill establishes the process for breaking the Nigerian National Petroleum Corporation {NNPC} into two commercial entities which will be limited by shares.The two entities will be known as the National Petroleum Company and the National Assets Management Company.
Once the PIB is passed and signed into law,Nigeria will have the necessary legislative framework that is needed to ensure the creation and sustainability of commercially-oriented and profit-driven entities that makes possible value addition and the internationalization of Nigeria's petroleum industry.Speaking on the upcoming public hearing on the PIB,Senate President,Dr. Abubakar Bukola Saraki,commended his colleagues for keeping their foot on the gas in their quest to pass legislation that would grow Nigeria's economy and create jobs.''I must say,I am proud to be associated with an institution like the 8th Senate that has backed its words with itd actions,'' Saraki said, ''When we passed the Senate's Economic Legislative Agenda a few months ago,we said that we would make the elusive PIB one of our priorities.By bringing it to the public hearing stage,we have done this,
''Through we have come this far,we cannot afford to take our foot off the gas.We must ensure that we expedite the work of the Committee after this public hearing,in order to make sure that the PIB is signed,sealed and delivered for the benefit of the Nigerian public early in 2017'',he said.
The PIB public hearing will be held on wednesday and Thursday in the Senate New Wing of the National Assembly Complex.The hearings will be conducted by the Committee on Upstream Petroleum,which is chaired by Senator Donald Omotayo Alasoadura.The Senate is set to also introduce a Host Commuunity legislation to complement the Governance and Institutional Framework Bill in the coming weeks.This Bill is aimed at addressing issues relating to community participation,security,and the ecological debt incurred by host communities from oil extraction.

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