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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THABO MBEKI CALLS FOR UN TAX CONVENTION TO HALT IFFS. (PHOTO).#PRESS RELEASE .

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Thabo Mbeki Calls for UN Tax Convention To Halt IFFs

*Seeks Establishment of Global Intergovernmental Tax Body

*Asks AU-Member States, International Organisations To Resist Attempt To Block Creation of Inclusive Intergovernmental Tax Body

The Chairman of the African Union High Level Panel on Illicit Financial Flows (IFFs), H.E. Thabo Mbeki has made a spirited call for a United Nations Tax Convention to halt illicit financial flows from Africa and multinational and corporate tax abuse.

Mbeki also called for the establishment of a globally inclusive intergovernmental tax body to strengthen global efforts against IFFs.

The call is contained in a statement released on Tuesday by the Head of the Secretariat of the AU High-Level Panel on Stemming Illicit Financial Flows from Africa, Ms. Souad Aden-Osman.

Decrying the lack of an inclusive architecture for international tax cooperation, Mbeki welcomed the ECA declaration of African Finance Ministers in May 2022, which called for the immediate start of negotiations on a UN tax convention.

He said, “While the Organisation for Economic Cooperation and Development (OECD) has played an important role in these areas, it is clear after ten years of attempts to reform international tax rules that there is no substitute for the globally inclusive and transparent forum provided by the United Nations. I urge countries to remain committed to the development of a UN tax convention and encourage the OECD to play a supportive role in this regard.


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