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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FG WARNS MINING COMPANIES ON COMPLIANCE TO COMMUNITY DEVELOPMENT AGREEMENTS. (PHOTOS).

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 FG WARNS MINING COMPANIES ON COMPLIANCE TO COMMUNITY DEVELOPMENT AGREEMENTS 



Federal Government has warned mining companies and licensed holders to  comply with the new revised Community Development Agreements ( CDA) or stand  the risk of revocation of their licenses by the Ministry of Solid Minerals Development. 


''Any Company that fails to sign the community development agreements stands the risk of having his license revoked''.


The Minister of Solid Minerals Development Dr Dele Alake gave the warning while delivering his keynote address at the BUSINESSDAY Solid Minerals Conference in Abuja with the theme ''Digging Deeper: Diversifying Nigeria's Economy For Wealth Creation'' .


Dr Alake explained that the essence of CDA  launched by the Ministry last year  was to engender a peaceful environment for mining operations to thrive, between the Communities, Federal government and mining companies and  frowned at the low level  of compliance   by mining companies to the CDA guideline 


'' I wish to note, with dismay, that only 18 companies signed CDAs with their communities last year. We hope to enforce the implementation of the revised guidelines in the new year and those found wanting will face stiff penalties'', Dr Alake stated.


While commending the  publishers of Businessday for initiating the conference; Dr Alake said ,  the Businessday Solid Minerals Conference will help enlighten the   Nigerian press about the structure and  needs  of the sector .


The Minister was optimistic on the  practicability of the adopted Seven-Point agenda given to  the Ministry by the Federal Executive Council as the administration's policy to reposition the sector for international competitiveness.


Dr Alake added that the establishment of the Nigerian Solid Minerals Corporation, Exploration  Data, Security and Safety of Mining, Domestic and International Investment Promotions, Support for Artisanal Co-Operatives and Campaign Against Illegal Mining, Value Addition for Industrial Transformation and Financial Stability was part of efforts to achieve  the objectives of transforming the sector, in line with the Renewed Hope  Agenda of President Bola Ahmed Tinubu led administration.


Earlier , the Publisher of Businessday, Mr Frank Aigbogun, who extolled the noble  initiative of the BUSINESSDAY Solid Minerals Conference, said it brought together key players in the sector, like lawyers and  financial bodies to ensure  the growth and expansion of the solid minerals sector for significant  investment.


He said:'' We believe that together, with the Minister of  Solid Minerals and his team, we can move the Solid Minerals Ministry to a level even beyond that we now imagine for the Ministry of Petroleum.''.

More photos below. 



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