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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NIGERIAN GOVT TO SPEND N900BN ON FUEL SUBSIDY IN 2022 DESPITE PETROLEUM INDUSTRY ACT.{PHOTO}.

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Nigeria’s federal government says it is making provision for the controversial fuel subsidy as part of its expenditure in the 2022 budget.


This is according to the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari.


This is even as President Muhammadu Buhari has signed Petroleum Industry Act (PIA), with the government planning to deregulate the downstream sector.


The federal government is projecting N900 billion for fuel subsidy for 2022.


Mr Kyari spoke on Thursday at MTEF/FSP hearing organised by the Senate Committee on Finance in Abuja.

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