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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CUSTOMS SHED LIGHT ON DUTY VALUE VARIATIONS FOR USED VEHICLES,OTHERS.[PHOTO].#PRESS RELEASE.

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Customs Sheds Light on Duty Value Variations for Used Vehicles, Others

As part of efforts to make clarifications with regards to duty value on certain items, the Nigeria Customs Service (NCS) has disclosed that there is no uniform value for used items including vehicles.

This was made known by the Deputy National Public Relations Officer of the NCS, Timi Bomodi during a media parley held in Lagos. He added that the degree of depreciation on used Cars may not be the same even if the Cars were manufactured same period while stating that the NCS is currently looking into complaints by some importers and agents that there are variations in value and duty, using an improvised system of checking degradation of the used item being imported.

Deputy Comptroller of Customs, Bomodi also faulted the behaviour of some vehicle importers who allegedly adjust odometers on new vehicles to give a false impression of being a used vehicle that has covered high mileage with a view to evading accurate duty payment. He further highlighted several cases of false declarations, concealments and other unlawful antics by some importers and their agents to underpay taxes.

Speaking on the theme, ‘Trade Facilitation, A Tool For Enhanced Revenue Generation: The NCS Perspective’, he said the Service has achieved 90 percent automation of its operation and has surpassed it’s 2021 revenue collection target.

He also noted that despite the harsh operating atmosphere occasioned by the Covid-19 pandemic, the service collected a total of N2.3trillion between January 2021 to date thereby surpassing it’s target.

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