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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PRESIDENT BUHARI APPROVED THE EXTENSION OF VAID TO JUNE 30,2018.

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      President Muhammadu Buhari has approved the extension of the Voluntary Assets and Income Declaration Scheme (VAIDS) to June 30, 2018.
The short extension after the original March 31 date is based on the appeals of professional bodies and individual taxpayers. However, no further extension of time will be approved after June 30.
The President added that a new date was also given, based on the conviction of Federal Ministry of Finance that the overall objective to increase compliance will be attained, and additional revenue will accrue.

A fresh Executive Order will be made to give legal backing to the new timeline.
According to President Muhammadu Buhari, "For a nation of people who are competitive and driven, it is not a pride that we are the lowest performer in tax to GDP, not just in Africa, but in the world.”
“Nigeria's growth needs are such that every Nigerian must do his duty to his nation, to his neighbour, and to himself.”
"Hiding monies overseas, evading taxes by manipulation, and other unwholesome practices, have never developed a country, and for Nigeria to attain her true potential, these must stop.”
The President urged Nigerian companies and individuals to join government in the rebuilding mission, "and do the right thing by taking this window of extension to regularize."
He added that the right thing may not be convenient or comfortable, "but in the long run, we will all have a nation we can be proud of." PMB further urged tax authorities to use the extension window to perfect plans to prosecute those who fail to regularize their tax status.Voluntary Assets and Income Declaration Scheme (VAIDS) is one of the key policies being used by the Federal Government to reposition the Nigerian economy and correct inherited underdevelopment.
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