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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METHANOL FUEL ADOPTION KEY TO SUSTAINABLE NATIONAL DEVELOPMENT.(PHOTO).#PRESS RELEASE.

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METHANOL FUEL ADOPTION KEY TO SUSTAINABLE NATIONAL DEVELOPMENT


The Honourable   Minister of Science, Technology and Innovation Dr. (Sen.) Adeleke  Olorunnimbe  Mamora has said in a bid to unlock Nigeria Methanol Fuel sub-sector potential, Federal  Government’s intervention fund is needed to promote sustainable development.

The Minister said this during a Round Table Interaction Session with Abuja Chamber of Commerce and Industry (ACCI) recently, in Abuja.

According to the Minister, Methanol development is a strategic project, to further reduce total dependence caused by carbon emission, as well as embracing local content.

Mamora said that the theme ‘’Enhancing Business opportunity for a methanol ‘driven economy’’ is aimed at engaging with the business community and to discuss the feasibility studies for the wide adoption of methanol fuel technology in Nigeria.

He noted that the initiative is in accordance with the present administration order, to create jobs and move 100 million Nigerians out of poverty in the next 10years.

The Minister further stated that this can be achieved through the utilization of methanol extensive value chain aimed for industrialization and substantial development.

To this end, the Minister enumerated various benefits to be derived which include improved electricity supply ,  reduction in carbon footprint in transportation and job creation amongst others.

The Minister further stated that the Ministry   has undertaken various projects to boost the country’s climate change action through   deployment of cutting edge hydrogen fuel cells technology, using Methanol as electricity supply in Nigeria.

He noted that by signing a Memorandum of Understanding (MOU) between South Africa and Nigerian Company for Technology transfer the Federal   government has provided a counterpart funding of $2.7 million for the projects.

He then, disclosed that the Federal  Ministry of Science ,Technology and Innovation (FMSTI) initiative is aimed at finding solution to Nigeria’s pursuit of green industrialization, job creation taclking the impact of climate change , and aiming at a net –zero position by the year, 2060.

Earlier, the Director of Environmental   Science, Technology Department (EST) of the Ministry, Dr. Peter Ekweozoh said that the Ministry has conducted a comprehensive feasibility study for methanol production in Nigeria.

He further said that this will create an enabling environment   for ACCI  Council members, and drive the business aspect of Methanol production in Nigeria.

He also revealed   that FMSTI is working   on implementation of hydrogen fuel cells using Methanol   in the country,

Speaking, the President of Abuja Chamber of Commerce, and Industry (ACCI) Dr. AI-Mujataba Abubakar   opined that  Methanol production will serve as a viable alternative energy source in the country, adding that  Nigeria will leverage on the resource to transit to enviable development and economic self reliance of the country. 

Signed

Atuora Oed O.

17th June,2023


 

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