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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I ONCE NEARLY TOOK MY LIFE- BILLIONAIRE FEMI OTEDOLA'S BEST KEPT SECRET.(PHOTO).

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I once nearly took my life — Billionaire Femi Otedola's best kept secret


11th Jul 2023 


Nigerian billionaire, Femi Otedola, has revealed that he almost committed suicide after losing $480 million in the diesel market in 2008.


He spoke about his depressive episode during his business partner Akin Akinfemiwa’s 50th birthday celebration in London.


According to a Nairametrics, Otedola revealed how instrumental the celebrant was to him getting through the depressive episode that struck him after losing the money.


In his words: “My relationship with Akin is what I would call destiny prevails. 


“In 2005, I had a friend that worked in Oando, and she did mention to me that she had a colleague. 


“And she called Akin, and we spoke.”


Otedola spoke about how Akin came to his aid when he was unable to find a capable oil trader.


He added: “I set up my trading company in 


London: Fine Shade Energy. 


“I was looking for a trader, and I couldn’t find any good trader. 


“I called Dimeji Edwards, who was Akin’s boss. 


“Akin picked up the phone to come and see me.”


Otedola noted that shortly after this, he offered Akin a job.


He said: “Now when I say destiny prevails, the business collapsed. 


“I built a massive empire. 


“I had 93 per cent diesel at my fingertips. 


“I was a bit playful, and the business collapsed.”


It was at this point that Otedola started to have suicidal thoughts. 


He then spoke about how he reconsidered taking his own life after thinking about his family.


He said: “The option I had then was to commit suicide. 


“Then, of course, I thought of Nana and the kids. 


“And I said no, I won’t commit suicide.”


The billionaire concluded his speech by highlighting how he was able to overcome his tumbling block. 


He did so by stepping down as the Chief Executive Officer and made Akin the CEO of the London office.


He said: “I gave him 1 per cent of the business. 


“I now later, made him the CEO of Zenon Oil and then the CEO of African Petroleum.”


The businessman stated that after this, he was impressed by how his new partner turned the business around. 

 

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