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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SENATE PASSED THE BUDGET BENCHMARKS FOR 2018-2020,TODAY.{PHOTO}

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    Today at the Nigerian Senate, we passed the budget benchmarks for the 2018-2020 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) in accordance with the Fiscal Responsibility Act of 2007.
We also approved the following benchmarks:
- N2.3 million barrels per day; 
- $47 barrel per day as benchmark price of 2018; 
- Exchange rate of N305 to $1; 
- N5.279 trillion for non-revenue oil in 2018; 
- N1.6999 trillion for new borrowing for 2018; and 
- An estimated 3.5% growth rate.
It is our hope that all the relevant revenue generating agencies will meet their targets.In the areas of the oil and gas sector, the Ministry of Petroleum and the NNPC must work to ensure that the benchmark for production that we passed must be met.
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