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

LEBANESE PRIME MINISTER 'SAAD AL-HARIRI',RESIGNS TODAY.{PHOTO}.

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   Saad al-Hariri resigned as Lebanon’s prime minister on Tuesday, declaring he had hit a “dead end” in trying to resolve a crisis unleashed by huge protests against the ruling elite and plunging the country deeper into turmoil.
Hariri addressed the nation after a mob loyal to the Shi’ite Muslim Hezbollah and Amal movements attacked and destroyed a protest camp set up by anti-government demonstrators in Beirut.
It was the most serious strife on the streets of Beirut since 2008, when Hezbollah fighters seized control of the capital in a brief eruption of armed conflict with Lebanese adversaries loyal to Hariri and his allies at the time.


Hariri’s resignation on Tuesday points to rising political tensions that may complicate the formation of a new government capable of tackling Lebanon’s worst economic crisis since its 1975-90 civil war.
The departure of Hariri, who has been traditionally backed by the West and Sunni Gulf Arab allies, raises the stakes and pushes Lebanon into an unpredictable cycle. Lebanon could end up further under the sway of the Iranian-backed Hezbollah, making it even harder to attract badly-needed foreign investment.
It also defies Hezbollah, which was part of his coalition and wanted him and the government to stay on. Hariri is seen as the focal point for Western and Gulf Arab aid to Lebanon, which is in dire need of financial support promised by these allies.
Lebanon has been paralyzed by the unprecedented wave of protests against the rampant corruption of the political class.

“For 13 days the Lebanese people have waited for a decision for a political solution that stops the deterioration (of the economy). And I have tried, during this period, to find a way out, through which to listen to the voice of the people,” Hariri said.“It is time for us to have a big shock to face the crisis,” he said. “To all partners in political life, our responsibility today is how we protect Lebanon and revive its economy.”
Under Lebanon’s constitution, the government will stay on in a caretaker capacity as talks begin on forming a new one. It took nine months to form the Hariri coalition cabinet that took office in January.
As night fell, protesters returned to central Beirut waving Lebanese flags, seemingly unfazed by the violence.
Some described Hariri’s resignation as a victory for the “Oct. 17 uprising” and said the attack on the protest camp had redoubled their determination.“What happened is a point of strength for us...If the thugs come in bigger numbers, so will we,” said Kamal Rida, a protester in central Beirut. “The tents that are broken can be rebuilt, easy.”.The turmoil has worsened Lebanon’s acute economic crisis, with financial strains leading to a scarcity of hard currency and a weakening of the pegged Lebanese pound. Lebanese government bonds tumbled on the turmoil.
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