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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"FOR FOUR YEARS,WE DID NOT TAKE ANY BANK LOAN & I LEFT N14BN CASH FOR MY SUCCESSOR, "- OYETOLA,OSUN’S OUTGOING GOVERNOR. (PHOTO).

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"For four years, we did not take any bank loan & I left N14bn cash for my successor,” – Oyetola, Osun’s outgoing governor.

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Outoing governor of Osun, Alhaji Gboyega Oyetola, says he left N14 billion in the state’s coffers for his successor, Sen. Ademola Adeleke.

In his farewell message, released in Osogbo on Sunday by Mr Ismaila Omipidan, his media aide, Oyetola stated that his administration paid N97 billion of the debt it inherited in 2018 when he assumed office.

Oyetola declared that his administration did not borrow any money from anywhere to finance the state’s economy, stressing that he kept the faith and maintained fidelity to his electoral promises throughout his tenure.

“We are leaving behind a cash balance of more than N14 billion.

“In addition to the N14 billion cash, another N8 billion is being expected between December and January 2023 from our performance in States Fiscal Transparency, Accountability and Sustainability programme (SFTAS) and from Internally Generated Revenue.

SFTAS is a government programme designed to advance fiscal transparency, accountability and sustainability of states of the federation.

“For four years, we did not take any bank loan.

“We benefitted from the N3 billion monthly interventions by the Federal Government to all the states for six months to cushion the effect of deductions of budget support facility and salary bailouts taken by the previous administration.

“We paid N97 billion from the total debt we inherited in 2018,’’ he stated.

The outgoing governor added that the state was also expecting 72 million dollars from other programmes and from the NG-CARES programme of the Federal Government, among others.

“These are earned, based on performance. And we have indeed performed to earn them,’’ he stressed.

Oyetola stated also that his administration put the state’s economy on a surer footing through its myriad people-centred and masses-focused projects, promptly executed to make life worthwhile for the people.

He stressed that Osun’s economy stabilised during his tenure as manifested in the astronomical increment in the GDP of the state.

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