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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BORROWING WILL LAND NIGERIA INTO STATE OF BANKRUPTCY- PASTOR ADEBOYE.(PHOTO).

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Pastor Enoch Adeboye of the Redeemed Christian Church of God (RCCG), has said that borrowing may land the country into bankruptcy.

Adeboye rued oil theft in the country, saying that the country might go bankrupt if the trend is not checked.

‘Daddy G.O,’ as his followers call him, made this known during his Sunday service sermon on Sunday.

The cleric warned that the country’s debt to service revenue ratio might pose danger for decades.

Pastor Adeboye noted that over 90 per cent of Nigeria’s revenue from crude oil sales is used to furnish interest accruing on debt.

“We are borrowing more and according to a friend of mine, we are moving steadily towards a state of bankruptcy, a whole nation…,” the cleric said.

“That is why we are going to pray so that our children and children’s children do not keep paying debt. We are still borrowing.”


 

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