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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MALAWI'S PRESIDENT BANS HIMSELF AND HIS CABINET FROM ALL INTERNATIONAL TRAVEL IN A BID TO SAVE MONEY FOR HIS COUNTRY. (PHOTO).

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Malawi's President Lazarus Chakwera bans himself and his cabinet from all international travel  in a bid to save money for his country


The president disclosed this during a televised address on Thursday, November 16. 


The measure follows a huge devaluation of the currency as Malawi secures a loan from the International Monetary Fund (IMF) to boost its ailing economy.


Mr Chakwera has also ordered all ministers currently abroad to return home.


Fuel allowances for senior government officials have been cut by 50%.


Malawi's economy has been undergoing turbulent times, characterised by an acute shortage of petrol and diesel, as well as high inflation.


Mr Chakwera said the measures would remain in place until the end of the financial year in March 2024.


As part of moves to ease the cost-of-living crisis, the president has asked the finance minister to make provisions for a reasonable wage increase for all civil servants in the next budget review.


He has also ordered a lowering of income tax on individuals in the upcoming budget, to help workers whose incomes have lost value.

 

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