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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100BN REVENUE SHORTFALL: FG ORDERS CONTRACTORS TO SHOW TAX IDENTIFICATION NUMBERS BEFORE PAYMENT.#PRESS RELEASE.

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         The Federal Government has ordered vendors of Ministries, Departments and Agencies (MDAs) to display their Tax Identification Numbers (TINs) on their invoices before payments are effected by the MDAs.
The Federal Government’s directive was handed down on Tuesday in Abuja by the Honourable Minister of Finance, Mrs. Kemi Adeosun to the Accountant General of the Federation, Alhaji Ahmed Idris.
The order is part of resolute efforts by the Government to block revenue leakages by the MDAs’ vendors. About N100 billion has been discovered as tax revenue shortfall by contractors between 2012 and 2017.
Adeosun, in a memo titled “Compliance with Tax Payments by Federal Government Vendors”, disclosed that persistent leakages in revenue remittances by vendors had been uncovered by the Government’s Project Lighthouse, a systemwide revenue intelligence data-warehouse.
The leakages, according to her, were due to lack of TIN particularly on Value Added Tax (VAT), Withholding Tax (WHT) and other related inflows into the government coffers
The Minister said, “In order to address these lapses in the implementation of the 2017 Budget as well as boost the revenue accruable to the Government, all MDAs should be directed to insist that invoices submitted by vendors for payments must clearly state the TIN.
“This is to confirm tax compliance by relevant government vendors before payments are effected.”
She added that the directive to the government vendors is in compliance with the provisions of both the Federal Inland Revenue Service (FIRS) and Procurement Acts of 2007 respectively.
The Minister stated that spot checks would be undertaken on MDAs to confirm compliance with the directive.
Signed:
Oluyinka Akintunde
Special Adviser, Media & Communications to the Hon. Minister
Federal Ministry of Finance 
  9th January, 2018
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