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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BANK MANAGER BAGS FIVE YEARS FOR N27M THEFT.{PHOTO}.#PRESS RELEASE.

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Justice Adie A. Onyebueke of the Cross River State High Court, Akamkpa, has sentenced one Augustine Effiong Bassey to five years imprisonment for stealing N27 million, belonging to a microfinance bank, where he was a branch manager.
He was prosecuted by the Enugu Zonal Office of the Economic and Financial Crimes Commission, (EFCC), on a one-count charge of stealing.
The charge read, “That you, Augustine Effiong Bassey (‘m’), sometime between 2010 and 2012 at Uyanga, Cross River State, within the jurisdiction of the High Court of Cross River State, with the intent to defraud, stole the sum of N27,300,000 (Twenty-seven Million, Three Hundred Thousand Naira), being property of Ekondo Microfinance Bank Limited and thereby committed an offence punishable under Section 390 of the Criminal Code law, CAP C16 (VOL 3) of the Laws of Cross River State of Nigeria,2004 and punishable under Section 390(9) of the same Law.”
He pleaded “not guilty” to the charge, thus setting the stage for his trial.
With prosecution counsel, Fortune Amina I. Asemebo proving the case beyond reasonable doubt, Justice Onyebueke convicted and sentenced him to prison, with an option of restituting the sum of N15 million to Ekondo Microfinance Bank.
Bassey’s journey to prison began sometime in July 2016 when he was arrested by the EFCC upon intelligence that he used his position as the branch manager of Ekondo Microfinance Bank, Uyanga, Cross Rivers State to convert the sum of N27.3 million (Twenty Seven Million, Three Hundred Thousand Naira), belonging to bank to his private use.
He did this by personally carting away the sum from the bank's vault and gave to his fronts for execution of non-existent contracts for the bank.
Image may contain: 1 person, text that says "NAME :AUGUSTINE EFFIONG BASSEY OFFENCE STEALING CRNO. CR NO. RN0.-327-2016 -327"

 

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