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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PRES. TINUBU TO DEPART ABUJA FOR NEW DELHI ON MONDAY. (PHOTO).

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President Tinubu to depart Abuja for New Delhi, India on Monday 4th September, ahead of the G-20 summit participation


Nigeria's President Bola Tinubu plans to attend the G20 summit in India this month to try to promote foreign investment in Africa's largest economy and mobilize global capital to develop infrastructure, his spokesman said on Friday.

Tinubu has embarked on the country's boldest reforms in decades, which have been welcomed by investors. However, reforms have brought additional hardship to Nigerians already dealing with a cost of living crisis.
The country's main unions plan to go on strike next week and an stage an indefinite shutdown later this month.

"The focus of the summit will be heavily predicated on the urgent need to attract foreign direct investment ... and to ensure that we are able to mobilize private capital from around the world toward the development of Nigeria's public infrastructure," Tinubu's spokesman, Ajuri Ngelale said in a statement.

The summit in India will hold on Sept 9 and 10.
Nigeria wants to encourage investments rather than rely on borrowing to create jobs, its finance minister said on Monday, as the new government tries to revive the West African nation.

Tinubu inherited a struggling economy with record debt, shortages of foreign exchange and fuel, a weak naira currency, inflation at a near two-decade high, skeletal power supplies and falling oil production due to crude theft and underinvestment.

Ngelale said Tinubu will meet leaders from Brazil, India, South Korea and Germany on the sidelines of the G20.

Tinubu also plans to meet Indian executives, including Jindal Steel and Power Company, among others, Ngelale said.
Airtel's Africa, owned by India's Bharti Airtel, is Nigeria's third-biggest listed firm.

Tinubu has called for more U.S. investment in his country after accepting an invitation by U.S. President Joe Biden to meet later this month on the sidelines of the United Nations General Assembly in New York.

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