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 SIGNS MOU TO STREAMLINE CONTRACTING PROCESS.(PHOTO)..

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NNPCL Signs MOU To Streamline Contracting Process

Nigerian National Petroleum Corporation (NNPC Ltd.) and the Nigerian Content Development and Monitoring Board (NCDMB) have signed a Memorandum of Understanding (MoU) with International Oil Companies (IOCs) to reduce the contracting cycle to a maximum of 180 working days.

The contract lifecycle is the process by which a contract is authored, reviewed, sent for signature, executed, and potentially renewed.

This, according to the corporation, is outlined in the Petroleum Industry Act (PIA).

Speaking at the signing ceremony, Mr. Mele Kyari, the Group Chief Executive Officer of NNPC Ltd, expressed his excitement about the agreement and emphasised that the event symbolised the corporation’s forward-thinking approach.

Mr. Kyari, represented by NNPC Ltd.’s Executive Vice President, Upstream, Mrs. Oritsemeyiwa Eyesan, underlined the significance of optimising the contracting process “in an industry that forms the backbone of Nigeria’s economy. Getting this process right s pivotal to steering the nation’s economy back on track“, he stated.

Engr. Simbi Wabote, the Executive Secretary of NCDMB, described the MoU signing as a crucial step forward in enhancing Nigeria’s crude oil production.

Representatives from IOCs, including Shell, ExxonMobil, Chevron, TotalEnergies, and ENI, voiced their commitment and support for the MoU’s implementation and pledged to ensure that all parties involved reap the benefits of the partnership.

Key benefits of the MOU
Key benefits of the framework in the MoU include a reduction of the contracting cycle for open competitive tender, selective tender, and single sourcing tender to 180, 178, and 128 working days, respectively, compared with the current best effort performance of 327, 333, and 185 working days, respectively.
 

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