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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EFCC ARRESTS EX-MINISTER, CHARLES UGWUH, ONE OTHER FIR ALLEGED N3.6BN FRAUD.(PHOTO).#PRESS RELEASE

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EFCC Arrests Ex-Minister, Charles Ugwuh, One Other for Alleged N3.6bn Fraud

 

Operatives of the Lagos Zonal Command of the Economic and Financial Crimes Commission, EFCC, have arrested a former Minister of Commerce and Industry, Charles Chukwuemeka Ugwuh, for an alleged conspiracy and fraud to the tune of N3.6bn.

 

Ugwuh was arrested alongside Chief Geoffrey Ekenma on January 11, 2024 at No.2, Musa Yar Adua way, New Owerri, Imo State, following a petition to the Commission from a new generation bank on the alleged fraud perpetrated through a company, Ebony Agro Industries Ltd., linked to the ex-Minister.

 

Investigations revealed that Ugwuh and Ekenma, Managing Director, Ebony Agro Industries Ltd., allegedly obtained a loan facility from the bank for the purchase and production of polished rice.

 

However, the suspect, according to the petitioner, failed to meet up his obligations to the bank and all efforts to get him to repay the loan facility proved abortive.

 

The suspects would be charged to court as soon as investigations are concluded.

 

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