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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US TO RETURN $8.9M LOOTED UNDER JONATHAN TO NIGERIA. (PHOTO).

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 US to return $8.9m looted under Jonathan to Nigeria


A Royal Court in Jersey, United States, has reportedly ruled that stolen assets worth £6.9m ($8.9m) be repatriated to Nigeria.

 

The said assets were allegedly diverted by Nigerian government officials in 2014 under the guise of purchasing arms to fight Boko Haram terrorists.


According to BBC, the court ruled that the money, deposited in a Jersey bank account, was likely stolen by officials in the Nigerian Government in 2014.


Controversies had surrounded the purchase of weapons in the fight against insurgency with the then National Security Adviser, Sambo Dasuki, being accused of diverting funds meant for security equipment during Jonathan’s administration.


Also in late 2014, a private jet was arrested in South Africa with $10m cash, which was allegedly meant for the purchase of military weapons.


However, the order of the Royal Court in Jersey followed a forfeiture notice to the court by Jersey’s Attorney General, Mark Temple KC.


The court held that the funds were deposited in a Jersey bank account and were not used for the arms purchase.


Temple said the Government of Jersey was in close partnership with Nigeria on the repatriation of the funds.


The AG claimed part of the funds were shared with family members of politicians in the then-ruling Peoples Democratic Party ahead of the 2015 general election.


“This case again demonstrates the effectiveness of the 2018 Forfeiture Law in recovering the proceeds of corruption and restoring that money to victims of crime.


“I now intend to negotiate an asset return agreement with the Federal Republic of Nigeria,” he said.

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