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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IMF JOINS WORLD BANK IN SUPPORTING UKRAINE,APPROVES $1.4BN EMERGENCY FINANCING. (PHOTO).

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IMF Joins World Bank In Supporting Ukraine, Approves $1.4bn Emergency Financing

The International Monetary Fund (IMF) says its executive board has approved $1.4 billion in emergency financing to support Ukraine amid the ongoing war with Russia.

The Washington-based institution, in a statement, said the executive board gave its approval on Wednesday night.

According to IMF, the support comes from its rapid financing instrument (RFI).

The RFI provides rapid financial assistance available to all IMF member countries facing an urgent balance of payments need.

Kristalina Georgieva, IMF managing director, said the Russian military invasion of Ukraine has been responsible for a massive humanitarian and economic crisis.

She said the “tragic loss of life, huge refugee flows, and immense destruction of infrastructure and productive capacity is causing severe human suffering and will lead to a deep recession this year.”

“Financing needs are large, urgent, and could rise significantly as the war continues.”

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