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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THE TIMING FOR OIL SUBSIDY REMOVAL IS NOT RIPE- NEC.(PHOTO).

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The Timing for Oil Subsidy Removal is Not Ripe—NEC

The National Economic Council NEC says that the timing for the removal of oil subsidy is not ripe but preparation work has to be done in consultation with the states and other key stakeholders. 

The Minister of Finance, budget and national planning,Zainab Ahmed stated this while briefing state house correspondents on the outcome of the NEC meeting presided over by vice president, professor Yemi Osinbajo.

She said the council also agreed to form an expanded committee to look at the process for the removal including determining the exact time and also the measures that need to be taken to provide support to the poor and the vulnerable and the alternatives that will be put in place, including ensuring that there is sufficient supply of petroleum products in the country.

Also the Jigawa state Governor Abubakar Badaru said the council took reports of the presidential committee on flooding which was saddled with the responsibility of aggregating the causes of flooding,the losses incurred in the recent time a.amd possible palliatives for victims

According to him Meanwhile, sixteen states have so far submitted their reports on flooding while the remaining twenty are expected to do same before the overall reports of the presidential committee are presented to the National Executive Council.

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