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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CBN REMOVES RESTRICTION ON DOMICILIARY ACCOUNTS, RAISES CASH DEPOSITS TO $10,000.(PHOTO).

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 CBN Removes Restriction on Domiciliary Accounts, Raises Cash Deposits to $10,000


The Central Bank of Nigeria (CBN) has removed the restrictions on domiciliary accounts and has increased the cash deposits to $10,000 daily.


The bank confirmed this development in a statement on Sunday after an extraordinary Bankers’ Committee meeting to discuss the new foreign exchange (FX) policy aimed to converge the various exchange rate regimes in the country.


The CBN said domiciliary account holders must be allowed full access to their funds.


“Domiciliary account holders are permitted to utilize cash deposits not exceeding $10,000 per day or its equivalent via telegraphic transfer,” a part of the notice from the central bank said.

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