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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OIL PRODUCTION NOW 1.7 MILLION BARRELS DAILY, SAYS FG.(PHOTO).

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Oil production now 1.7 million barrels daily, says FG

The Federal Government, on Friday, announced that Nigeria’s oil production has increased to about 1.7 million barrels per day, up from the 1.1mbpd recorded in August 2023.

The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, disclosed this in a session with journalists at his office in Abuja on Friday.

He said, “We have a sole agenda and it is to increase crude oil production. Once you increase production there will be more revenue for Nigeria and that is the recipe to virtually all the problems we have in this country.
You know that Nigeria is very dependent on oil, even our budget is always predicated on how many barrels of oil we produce. Although the non-oil sector is thriving, for us to solve our problems we need to earn enough forex.

“And substantial part of our forex comes from the oil sector. So my ambition is to see how I can lead the sector to increase production and how we can get more revenue to be able to fund strategic national projects.

“We are already increasing production steadily. As at August it was about 1.1mbpd, but as at today it has increased to between 1.3 and 1.4mbpd exclusive of condensates, if you include condensates it will be about 1.7mbpd.”


 

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