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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NUHU RIBADU,TASKS FINANCIAL INSTITUTIONS ON CORRUPTION AT A BOOK LAUNCH TODAY.{PHOTOS}.

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      The pioneer chairman of the Economic and Financial Crimes Commission, EFCC, Nuhu Ribadu has urged financial institutions to actively contribute their quota to the fight against corruption by resisting and exposing corruption through anti-money laundering policies.
He made the call at a book launch authored by Dr Abdullahi Usman Bello, a former operative of the EFCC, entitled “Improving Anti-Money Laundering Compliance: Self-protecting Theory and Money Laundering Reporting Officers”, which held on December 12, 2017 at the Shehu Musa Yaradua Centre, Abuja. Ribadu saw everybody as having a lot to offer by sanitising the financial institutions and exposing corruption through diligent anti-money laundering policies saying “the policies and law are there to ensure that our financial sector is clean to be in conformity with world best practices”.While urging everyone to think twice before being involved in corruption, the former EFCC boss warned on the consequences of aiding and abetting corruption in order not to mortgage the future of the generation yet unborn.“Nigeria is our Country and if we help anybody achieve its selfish motives, we are mortgaging the future of our yet unborn child and destroying ourselves”, he warned.He described literature as a thing of value that could be used as a tool to fight corruption and other social ills.The anti-graft czar thanked the author of the book for his contribution towards the fight against corruption adding that, he was one of the key figures that were involved in investigation of high profile cases which made the EFCC what it is today. He said EFCC since inception had changed the world’s perception about Nigeria adding that, the anti-graft agency had raised the standard of doing business in Nigeria.Ribadu also called for reforms in the banking sector noting that a lot of things needed to be done to reposition the system and insulate it from abuse by corrupt elements. He said: “Investigations reveal every now and then that there is no corruption case without a banker being involved and it happens not because Nigeria lacks laws and regulations but the issue is with the complaint and enforcements. There is the need for the system to be cleaned up and sanitised in order for the system to work for people to build confidence and trust in the system”.Also speaking at the event, Godwin Emefiele, governor, Central Bank of Nigeria (CBN) noted the issue of money laundering is not just in Nigeria but in the world over. He added that the ‘menace’ had gained a lot of prominence to the extent that Nigeria should not be left alone in the role of combating money laundering.While calling on government to take serious measures to combat corruption, the CBN governor said “there is the need for the institutions and government to take the flow of cash very seriously because when there is dirty money flowing, they are regarded as proceeds of either crimes or proceeds of corruption”. He congratulated the author for contributing his quota towards fighting corruption and assured that CBN was doing its best to put in place policies that would combat money laundering and support anti money laundering policies.Dignitaries at the occasion include former Director-General, GIABA, Abdullahi Shehu; DG, NITDA, Isa Ali Pantami.More photos below.
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