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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GOV. HOPE UZODIMMA PRESENTS 2021 BUDGET TODAY.{PHOTOS}.#PRESS RELEASE.

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Gov. Hope Uzodimma today has presented the 2021 budget at the Imo State House of Assembly.
The budget is titled: The Budget Of Wealth Creation, is structured to reflect the policy objectives of shared prosperity leveraged on the 3R of the NEW IMO development initiative.
Gov. Hope Uzodimma highlighted that the economic blueprint of the state is premised on a tripod vision of economic rehabilitation, reconstruction and recovery and also a roadmap for the post-covid-19 pandemic sustainable economic recovery and growth plan.
The targets of this budget is to stimulate and accelerate economic growth through SMEs.
"It is therefore imperative that individuals and corporate establishments within the state should support the policy program towards a sustainable growth of small and medium Enterprises as we will continue with policies that will guarantee increase in private-sector investment, downstream value chain addition, productivity as well as boost youth agro enterpreneurship to encourage the growth of small and medium scale enterprises in the state."
The governor reiterated that the state is still operating a Treasury Single Account(TSA) accounting system in imo state where all revenues are domiciled and properly accounted for the use of the greater good of Imolites.
The total budget sum is N346,169,972,082. The overhead cost in the 2021 budget is N33,723,644,910 representing 52% of the total recurrent expenditure budget.
The sum of N14,120,082,285 is budgeted as personnel cost which represents 16% of the total recurrent expenditure budget.
The sum of N13,338,198,348 is provided in the budget as consolidated revenue fund charges(CRFC).
An increase in personnel cost is anticipated to accommodate the payment of the New Minimum Wage of workers in the state.
The 2021 budget is based on the following:
1. FGN'S medium term expenditure framework (MTEF)
2. Federal Government Fiscal strategy paper (FSP)
3. Federal Government adoption of an oil price benchmark of $40 per barrel, daily oil production estimate of 1.86million barrels per day and an exchange rate of N379 per US dollar for 2021.

4. National growth GDP of 3% in 2021, driven largely by Non-oil output as economic diversification accelerates and the enabling business environment improves.
It is expected that the budget will capture every sector of the state which will lead to an uncommon and unparalleled development in the state.More photos below.

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