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 ARRESTS MAN FOR ALLEGED N800M FRAUD IN LAGOS.{PHOTO}.#PRESS RELEASE.

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Operatives of the Lagos Zonal Office of the Economic and Financial Crimes Commission, EFCC, have arrested one Adeleke Adeyemi for his involvement in an alleged case of conspiracy, obtaining money by false pretence, diversion of funds, issuance of dud cheques and money laundering to the tune of N800,000.00( Eight Hundred Million Naira).
Adeyemi, together with his accomplice, Odusanya Ayotunde Memphis (now at large), in their capacities as directors at Wafa Aggregate Limited, allegedly approached Eco Bank Plc for a loan facility of N800million for the procurement of petroleum products from Covalent Oil & Gas Services Limited in October, 2011.
Upon receipt of the loan facility, Adeyemi and Memphis allegedly diverted the funds to their personal use and defaulted in paying back the loan.
Investigation revealed that the five Diamond Bank Plc cheques of N10million each issued by the suspect and his accomplice were returned unpaid upon presentation.
The suspect will soon be charged to court.
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