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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CAC INITIATES MEASURES TO REQUIRE SOCIAL MEDIA CONTENT CREATORS TO REGISTER AS BUSINESSES. (PHOTO)

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 CAC initiates measures to require social media content creators to register as businesses


The Corporate Affairs Commission (CAC) intends to require the registration of social media content creators, Instagram users with a large following, and TikTok users as businesses.


Hussaini Ishaq Magaji, Registrar General of the CAC, revealed the development at a meeting with Opay’s Managing Director, Dauda Gotring, and his team in Abuja.


Magaji underlined that social media and content providers, who create significant cash, should register as businesses in order to pay their due amount of federal taxes. He stated.


“This cannot go on,” emphasizing the need of these individuals following the mandate to register as businesses.


During the visit, Magaji informed that the CAC is in the process of registering 300,000 new business names from Opay. This effort seeks to broaden the tax base, encourage business registration, and contribute to job creation in Nigeria.


When asked about Opay’s role, Magaji indicated that the collaboration with Opay is aimed at regularizing the business names registered with CAC. Dauda Gotring, Opay’s Managing Director, stated that the firm is committed to working with the CAC to guarantee that all businesses, regardless of size, are registered.


Gotring praised Opay’s emphasis on encouraging all Nigerians to utilize banks, even in rural areas, and emphasized continued efforts to educate company owners, particularly in the social media and content creation sectors, on the need of registering with the CAC.


The joint initiative’s goal is to bring more enterprises into the formal sector and increase regulatory compliance.

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