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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EFCC TO US SENATOR: WE SPEARHEAD TRANSPARENT MANAGEMENT OF LOOTED FUNDS.{PHOTO}.#PRESS RELEASE.

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…Sen Grassley’s Allegation over $300m Abacha Loot against Magu Baseless
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The Economic and Financial Crimes Commission, EFCC has raised the alarm over the recent allegation against the Acting Chairman of the EFCC, Ibrahim Magu by the United States, US Senate's Chairman, Committee on Finance, Charles E. Grassley on looted funds.
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The Commission reiterated that it is at the forefront of the transparent management of recovered funds and would not be dragged into any controversy over an allegation that has no fact or any iota of proof.
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The 86-year-old US Republican Senator had in a letter dated April 1, 2020, and addressed to the Chief Money Laundering and Asset Recovery Section of the US Department of Justice, Deborah Connor, wrongly and maliciously accused Magu of "detaining individuals who have spoken against the Buhari government".The allegation clearly has no bearing with the operations of the EFCC nor address the painstaking efforts of Magu in tackling the menace of corruption, without fear or favour. .
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The EFCC is involved in the processes of repatriation of the looted $300million by the former Head of State, the late Gen Sani Abacha and quite aware of the tripartite agreement involving Nigeria, the United States and Island of Jersey.
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As an anti-graft agency, the Commission has credible records of managing recovered funds and assets and it is rather unfortunate that the ranking US Senator, in a desperate bid to frustrate the repatriation of the funds, clearly embraced the well-worn antics of some unscrupulous elements in the country, who never succeeded in blackmailing the anti-corruption crusade of President Muhammadu Buhari.
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