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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HIGH-STAKES LEGAL DRAMA UNFOLDS AS EMEFIELE'S TRIAL FACES JANUARY 18 SHOWDOWN. (PHOTO).

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High-Stakes Legal Drama Unfolds as Emefiele’s Trial Faces January 18 Showdown

In a riveting turn of events, the Federal Capital Territory High Court has deferred the continuation of the alleged procurement fraud trial involving the former Central Bank of Nigeria’s Governor, Godwin Emefiele, to January 18, 2024.

Emefiele stands accused of leveraging his position to grant a corrupt advantage, purportedly awarding a staggering N1.2 billion contract for 43 vehicles to CBN staff member Sa’adatu Yaro between 2018 and 2020.

Following his arrest, Emefiele spent time in the confines of the Kuje Correctional Centre, awaiting a ruling on his bail application.

On November 22, Justice Hamza Muazu granted him bail in the substantial sum of N300 million. However, this legal reprieve comes with stringent conditions, as the former CBN governor must secure two sureties, each possessing certificates of occupancy and titles to properties within Abuja’s upscale Maitama district.

As the high-profile case unfolds, the spotlight remains fixed on Emefiele, who, as of now, has been unable to meet the stringent bail conditions.

The scene at the court was intense as armed personnel from the Nigerian Correctional Service escorted him in and out, underscoring the gravity of the allegations surrounding one of the nation’s former financial leaders.

 

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