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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SHARE HOW N400BN IN FUEL SUBSIDY SAVINGS WAS SPENT, SERAP URGES TINUBU. (PHOTO).

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Share how N400bn in fuel subsidy savings was spent, SERAP urges Tinubu 

The Socio-Economic Rights and Accountability Project has urged President Bola Ahmed Tinubu to use his good offices and leadership position to “urgently publish details of spending of about N400bn so far saved as a result of the removal of subsidy on Premium Motor Spirit popularly known as petrol.”

He was urged by SERAP to “provide details of the plans on how subsequent savings from the removal of petroleum subsidy would be used, including specific projects on which the funds would be spent, and the mechanisms that have been put in place to ensure that any such savings are not embezzled, misappropriated, or diverted into private pockets.”

According to reports, the Federal Government saved N400 billion in the four weeks following the implementation of the policy on the removal of petrol subsidy payments.   

In the letter dated July 1, 2023, and signed by SERAP deputy director Kolawole Oluwadare, the organisation said, “Your government has a legal responsibility to ensure that the savings from the removal of subsidy on petrol are spent solely for the benefit of the 137 million poor Nigerians who are bearing the brunt of the removal.

 

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