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
The Economic and Financial Crimes Commission,Lagos zone,on friday evening uncovered yet another large sum of suspected laundered money to the of N448,850,00 {Four hundred and forty eight million,eight hundred and fifty thousand naira} only in a shop at LEGICO Shopping Plaza,Ahmadu Bello Way,Victoria Island,Lagos.The money stashed in several Ghana Must Go bags were in N500 and N1000 denominations,hidden in a shop awaiting conversion into foreign currency.Relying on information provided by a concerned whistle blower,operatives of the Commission swooped on the shopping complex and sought the identity of the owners of two shops,LS 64 and LS 67 which were under locks and keys.The shops had signages of Burea de Change.Inquries about the owner of shop 64 indicated he had not been seen for a long time,as they claimed the shop had not been opened for business for close to two years.Several calls were put to the owner of shop 67 but there was no response.The attention of the plaza's chairman and some traders were drawn in order to force the shops open.There was no money found in shop 67,but in shop 64,heaps of ''Ghana Must Go'' bags were found loaded on the floor of the shop.When the bags were unzipped they were found to contain bundles of naira notes totalling N448,850,000.Traders interviewed at the premises claimed they were not aware such money was housed in there,as the place hardly opens for business.The Commission is investigating the matter in order to unravel the owner and source of the money.More photos below.
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