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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NASS TO REVIEW NEITI ACT.(PHOTO).

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NASS To Review NEITI Act

National Assembly has pledged to review the Act that established the Nigeria Extractive Industries Transparency Initiative, NEITI, to ensure the optimum performance of the regulatory body in enhancing transparency and accountability in the nation’s extractive industries.

The Joint Committees on Petroleum Resources stated this when they received in Abuja the Global Leadership of Extractive Industries Transparency Initiative, IETI.

The delegation interacted with Federal Lawmakers on how transparency and accountability in the extractive industries could be improved for the general wellbeing of the citizens in line with global best practices.

The Joint Committee on Petroleum Resources, chaired by the Senate Committee on Petroleum Upstream, Senator Eteng Williams, maintained that the parliament will proffer adequate legislative instruments to make sure that Nigerians benefit from the nation’s natural resources in line with the Tenth Assembly’s mandate.

The Chairman of the House Committee on Petroleum Downstream, Mr. Ikenga Ogochinyere, explained that, as a legislative arm, they would strengthen the legal framework that will empower the Nigeria Extractive Industries Transparency Initiative (NEITI) to perform efficiently.

The Executive Secretary of NEITI, Dr. Orji Ogbonanya Orji, emphasized that an action plan has been provided by the body to aid the legislative oversight functions of the Parliament in tracking and monitoring the activities of extractive industries.

The leader of the delegation, Mr. Bady Balde, said their mission in Nigeria was to encourage the government on how the natural resources could be effectively utilized.



 

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