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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UK CUTS TARRIFS ON PRODUCTS FROM NIGERIA,OTHERS.(PHOTO).

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UK Cuts Tariffs On Products From Nigeria, Others 

June 20, 2023

The United Kingdom (UK) Monday simplified trading rules and cut tariffs on products from developing countries, including Nigeria, saving businesses and consumers millions of pounds a year.

The UK’s new post-Brexit Developing Countries Trading Scheme (DCTS) scheme, which implementation began yesterday, according to a statement by the British Deputy High Commission in Nigeria, covers 65 countries, including Nigeria.

It said with the new scheme, over 99% of goods exported from Nigeria would automatically be eligible for duty-free access to the UK.

It added that Nigeria would receive enhanced preferential access for almost 3,000 products.

The scheme was designed to benefit developing countries looking to diversify and increase exports, driving their prosperity and reducing their need for aid.

“4.5% removed on cocoa paste, 26.5% removed on fruit juices, and 14% removed on prepared tomatoes”, the statement said.

The scheme, according to the statement, removes or reduces tariffs and simplifies trading rules so that more products qualify for the scheme, making it more generous than the EU scheme the UK was previously a member of.

The scheme will benefit developing countries looking to diversify and increase exports, driving their prosperity and creating jobs.

Minister for International Trade Nigel Huddleston who launched the scheme while on a visit to Ethiopia’s largest industrial business park, Bole Lemi, said, “This DCTS scheme is a brilliant example of the UK taking advantage of its status as an independent trading nation and I am excited to see it implemented today.”

Speaking on the launch, UK Deputy British High Commissioner in Lagos, Ben Llewellyn-Jones said, “Nigeria is one of the UK’s most important partners in Africa and the UK government is committed to working with Nigerian businesses and exporters to boost trade between our two great nations. The UK’s Developing Countries Trading Scheme harnesses the power of trade to help Nigeria and other emerging economies grow and prosper.

“One major benefit of this new UK trading scheme is that it abolishes tariffs on over 3000 everyday products that Nigeria currently exports including cocoa, cotton, plantain, flowers, fertilisers, tomatoes, frozen shrimps and sesame. The overarching aim of the new scheme is to grow trade with developing countries, boosting the economy and supporting jobs in those countries, as well as in ours.”

 

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