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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TURKEY'S CENTRAL BANK CHIEF MOVES IN WITH HER PARENTS OVER HER INABILITY TO AFFORD A HOME IN ISTANBUL DUE TO INFLATION. (PHOTO).

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Turkey's Central Bank Chief moves in with her parents over her inability to afford a home in Istanbul due to inflation 

The new head of Turkey’s central bank said she has been priced out of Istanbul’s property market by rampant inflation. 

Left with no choice, the former finance executive has moved back in with her parents. 

“We haven’t found a home in Istanbul. It’s terribly expensive. We’ve moved in with my parents,” 44-year-old Hafize Gaye Erkan, who took up her post in June after two decades in the United States, told the Hurriyet newspaper. 

Erkan previously worked at firms including Goldman Sachs and First Republic Bank — and is now getting a crash course in the soaring prices that have seen many young people struggling to find lodgings. 

“Is it possible that Istanbul has gotten more expensive than Manhattan?” she said. 

Tayyip Erdogan has allowed the lira currency to weaken while promising that a new team of economists with Wall Street experience would tackle years of economic crisis. 

To quell growing anger, officials also capped rent increases at 25 per cent — though experts say that has only amplified the housing tensions, as owners try to push out occupants, sometimes fraudulently, in order to set new and higher rents. 

The central bank last month pushed up benchmark lending rates to 40 per cent in a bid to get inflation under control. 

“We’re nearing the end of our monetary tightening measures,” Erkan told the paper.

 

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