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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SUPREME COURT NULLIFIES NAIRA SWAP POLICY,SAYS OLD NAIRA NOTES VALID TILL DEC. 31.(PHOTO).

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Supreme court nullifies naira swap policy, says old Naira notes valid till Dec. 31


The Supreme Court has ruled that the old N200, N500, N1,000 notes remain valid and should be in circulation till December 31, 2023.


In a ruling delivered today March 3, the apex court also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.


Justice Emmanuel Agim who read the lead judgement, held that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states) are dismissed as the court has the jurisdiction to entertain the suit.


Citing Section 23(2)1 of the constitution, the court held that the dispute between the federation and states, must involve law or facts.


The apex court further held that President Buhari in his broadcast, admitted that the policy is flawed with a lot of challenges.


The court also held that the policy has led to some people engaging in trade by barter in this modern age, in a bid to survive. The court added that the President’s disobedience of the February 8 order, is a sign of dictatorship.


Sixteen states of the Federation instituted the suit to challenge the legality or otherwise of the introduction of the policy.

 

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