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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OLD, NEW NAIRA NOTES TO CO-EXIST TILL FURTHER NOTICE- SUPREME COURT. (PHOTO).

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Old, new naira notes to co-exist till further notice – Supreme Court

The Supreme Court has granted the request by the Federal Government for the extension of the lifespan of the N200, N500 and N1000 notes that were redesigned under the immediate past administration of President Muhammadu Buhari.

In a ruling on Wednesday morning, a seven-member panel of the apex court, led by Justice John Okoro, ordered that the old notes remain legal tender until necessary facilities are put in place for their replacement.

The old notes, the apex court ordered, ”shall co-exist as legal tender with the new/redesigned ones”.

The ruling was on a motion by the Fed Govt, which was moved on Wednesday by the Attorney General of the Federation (AGF) and Minister of Justice, Lateef Fagbemi (SAN), who was accompanied by the Acting Director, Civil Appeals, Federal Ministry of Justice, Tijani Gazali (SAN).

The court, in the ruling, reviewed its earlier order that the old notes should cease to be legal tender by the last day of December 2023 and in its place, issued an order “that the old versions of 200, 500, 1000 naira notes/currency shall continue to be legal tenders alongside the new or designed versions until the government decides to bring the circulation of the old versions to an end after its consultation with critical stakeholders and after putting all required structures in place.”

Other members of the panel are Justices Uwani Aba-Aji, Helen Ogunwumiju, Ibrahim Saulawa, Adamu Jauro, Tijani Abubakar and Emmanuel Agim.

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