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 STATE FINALLY JOINS OIL PRODUCING STATES,TO BENEFIT FROM 13% DERIVATION FUND.{PHOTOS}.#PRESS RELEASE.

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Anambra State Finally Joins Oil Producing States, To Benefit From 13% Derivation Fund 


By Gab Okpalaeze (ABS News)


Anambra state has finally joined the league of Oil Producing States in Nigeria, as it will soon start to benefit from the thirteen percent Derivation fund.               


This is sequel to the                          Revenue Mobilisation Allocation And Fiscal Commission's approval of Governor Willie Obiano's request for due share of revenue accruing to the nation from oil and gas production activities in Anambra state.                                 


According to the approval letter through its secretary, Mr M.B. Shehu, and addressed to Governor Obiano, the Commission, approved the attribution of eleven oil wells wholly to Anambra state. It also approved attribution of Anambra River One, Two, and Three oil wells, to be shared on fifty- fifty percent basis between Anambra and Kogi states, pending the final delineation of boundaries of the two states.                               


The eleven oil wells wholly attributed to Anambra state, are; Nzam-One oil well, Alo- One oil well, and  Ogbu- One oil well.          Others are Ameshi One, Two, Three and Four oil wells, as well as Enyie One, Two, Three, and Four oil wells.                                 


Revenue Mobilisation and Fiscal Commission's approval was at its 139th plenary session, held on twenty seventh July, 2021. It said the 13 percent derivation will take effect when the said revenue from the operations of the said oil wells starts contributing into the federation account.

More photos below.

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