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

TOP NIGERIANS INVOLVED IN ILLEGAL MINING, FUNDING BANDITRY, TERRORISM- ALAKE. (PHOTO).


Top Nigerians involved in illegal mining, funding banditry, terrorism —ALAKE

“Powerful Nigerians involved in illegal mining were responsible for other criminal activities and involved in sponsoring banditry and terrorism in the country.” Dele Alake

The Minister of Solid Mineral, Mr Dele Alake, has alleged that powerful Nigerians involved in illegal mining were responsible for other criminal activities and involved in sponsoring banditry and terrorism in the country.

Alake said this when he appeared before the House of Representatives Committee on Solid Minerals for the 2024 budget defence in Abuja on Tuesday.

According to him, a lot of banditry and terrorism are sponsored by illegal miners; they are not people who pick gold on the ground but powerful individuals in the country.

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He said the majority of the illegal miners were not foreigners but added that foreigners could be seen as symptoms.

“Nigerians are those powerful people behind them; we are identifying them with both kynetic and non-kynetic means. We have encouraged those petty illegal miners to form cooperatives.”

He said the most disturbing aspect was that most of the foreigners engaged in illegal mining in the country had no proper immigration.

He said for mining to generate the requisite revenue, there was a need to have a formal structure that the multinational could deal with, just like the Nigeria National Petroleum Company Ltd.

He, however, said that the approach of the ministry under his leadership would be different from NNPCL, adding that the structure being proposed for Nigeria Mining Cooperation would be primarily private sector-driven.


He added that “Nigeria will also have its equity, adding that this would mean that no government could destabilize the structure.

He said the conservative amount of minerals deposited in the country is over 700 billion dollars, adding that in Nigeria, we had not even accessed a quarter of what it has.

He urged the chairman of the committee to support the process, adding that this would help change mining in the country.

He also said that the host communities where mining activities take place across the country would be engaged to forestall the breakdown of laws and orders.

He pleaded with the committee to consider the amount budgeted for the ministry in the 2024 budget proposal.

“If we are given that amount of money, I can tell you that what the ministry will contribute will outweigh other ministries, including what we are deriving from oil.

“We can return trillions to the coffers of this country as revenue if we are given such a budget as proposed,” he said.

According to him, we have 44 minerals in high demand, but we have six that are in global demand.

He said Nigeria had the potential to become one of the destination hubs of the world’s economy through solid minerals.

He, however, said there was a need to sanitize the operating environment for investors.

The chairman of the committee, Rep. Gaza Gbefwi, said that the solid minerals sector remained the last hope for the country to attain the level of diversity it required.

He, however, said that the funds appropriated to the sector in the 2024 budget were grossly inadequate.

He added that the committee has taken proactive steps to put up motions and bills that would strengthen and reorganize the sector.

 

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