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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NNPCL RECORDS OVER N18B PROFIT IN 4 MONTHS- KYARI.(PHOTO).

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NNPCL Records Over N18B Profit In 4 Months -  Kyari


The Group Chief Executive Officer of the Nigeria National Petroleum Company Limited NNPCL Mr Mele Kyari, says the company retail has made a profit of 18.4 billion naira in the first quarter of 2023.


Mr Kyari made this known at the resumed investigative hearing of the house of Representatives Ad-hoc Committee on the Acquisition of OVH Energy by the NNPCL.


This he said was as a result of acquisition of the company OVH energy, which has also resulted in the corporation controlling 30 percent of the downstream sector.


According to him, the corporation has been operating at a loss for a long time. 


"We were struggling to reach fifteen percent of market share in the past, but with this acquisition, we are now hitting up to thirty percent in less than a year.


"This is the dramatic that has happened to the NNPCL as a result of this acquisition and nothing wrong was done in the process as due process was followed. 


The chairman of the committee Mr Hassan Nalaraba, stated that the committee would conduct an oversight visit to the OVH facilities to ascertain what is on ground.


The Speaker Dr Tajudeen Abbas, represented by the house leader Professor Julius Ihonbvere, said the tenth house would work with other arms of government to reposition the energy sector.


According to the Speaker, the Investigative hearing is not a conflict,  but shared understand and exchange of ideas and mutual respect, saying there is nothing the NNPCL will do that would not attract public interest.

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