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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$322.5M ABACHA LOOT SHARED TO 1.9M NIGERIANS-FG.(PHOTO).

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 $322.5 Million Abacha Loot Shared To 1.9m Nigerians - FG

The Federal Government has disbursed the entire $322.5 million Abacha loot of 2017 to 1.9 million poor and vulnerable Nigerians.

Before making the disbursement, the money accrued an interest of $11 million where it was deposited.

Mr. David Ugolor, Executive Director of ANEEJ, an independent monitor providing independent report on the use of the funds, made this disclosure in Abuja yesterday.

Mr. Ugolor told reporters that “the Abacha loot is exhausted. An interest of $11 million was accrued in the money where it was saved and it was disbursed to around 1.9 million poor Nigerians”.

Ugolor added that “no politically motivated data was used in selecting the beneficiaries; the National Social Register was used to determine those who will benefit and the register is updated regularly to remove those who have died”.

According to the ANEEJ Executive Director, “the Abacha loot that was recovered have been exhausted, we have a responsibility to inform Nigerians and then to make sure to tell them what the money was used for”.

He noted that, “it is a very controversial issue that people sit down at home and begin to point fingers that Abacha’s money has been stolen. What we have done with this monitoring is very ground breaking”.

Ugolor said ANEEJ will publish by the end of next month, state by state data of how the money was disbursed.


 

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