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 TO DISTRIBUTE N25K MONTHLY ACROSS 15M HOUSEHOLDS. (PHOTO)

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 FG To Distribute N25K Monthly Across 15m Households


The Federal Government is set to distribute N25,000 monthly across 15 million households nationwide as part of measures to minimise the level of economic hardship faced by Nigerians.


Since coming to office last year, President Bola Tinubu ended fuel subsidies and currency controls, leading to a tripling of petrol prices and a spike in living costs as the naira slid against the dollar.


The policies of the current administration has subjected many Nigerians to suffer an economic crisis with soaring inflation, leaving many people struggling to afford food. Many citizens have taken to the streets to register their displeasure with Tinubu’s style of leadership.


Speaking during an exclusive interview on Channels Television, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the Federal Government is working to alleviate the hardship, especially for the poor and vulnerable.


“But I think the important thing to point out, at this time, is that the focus of Mr President is on keeping his promise, particularly to the poor and the vulnerable. Food prices are elevated, and the purchasing power is limited and that is what Mr President is speaking directly to through the intervention programme of direct payments of N75,000 each over three months,” Edun said.


“That is N25,000  a month to 15 million households and each household is about five people. So, that effectively provides funding for 75 million people.”

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