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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ANAMBRA PRIMARY SCHOOL TEACHER ARRESTED AFTER N550 MILLION SENT BY HER 24-YEARS-OLD SON WAS FOUND IN HER BANK ACCOUNT.[PHOTO}.

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     A primary school teacher in Anambra State, Mrs. Roseline Uche Egbuha, was on Friday, June 19, arrested by the Independent Corrupt Practices Commission (ICPC) after N550 million said to have been sent by her son was discovered in her Guaranty Trust Bank (GTB) account.

Also arrested by the commission were three staff of the bank: the compliance officer of GTB, Beckley Ojo; an Operations Manager, Chisomaga Daly-Okoro, a staff of the legal department, Sarah Ugamah and a lawyer to GTB in Anambra State, Nsikak Udoh.
They were said to have helped the teacher to keep the money for her.
According to a statement by the ICPC in its official twitter handle, Mrs. Egbuha, a teacher with Ozala Primary School, Abagana, Anambra State, was earlier arrested in 2019 by ICPC and granted bail.
She got the bail an investigation into her financial transactions consequent upon the receipt of a petition had shown her alleged involvement in money laundering.
The ICPC, in a series of investigation, found that the school teacher had N539.5 million in her Guaranty Trust Bank account.
The money was alleged to have been proceeds of money laundering from Malaysia which had yielded interest and the total amount later became N550 million.
It was gathered that she told officials of the commission during interrogation that the money found in her account belonged to her 24-year-old son, Chidozie Fabian Ejeaka, whose whereabouts could not be established.
A Post No Debit (PND) was placed on the account to allow the commission to carry out further investigation, while a case of forfeiture of the suspected proceeds of crime was instituted against her in a court of law.
The commission said her arrest with the staff of GTB and the lawyer was due to their connivance in lifting the restriction placed on her account and the subsequent transfer of N550 million (principal sum and interest) into the GTB account.
The ICPC found out that the money was transferred on 4th June, 2020, the same day the court order was obtained.
The commission also found out that the N550 million was promptly split and moved into multiple bank accounts owned by Bureau de Change operators and private individuals.
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