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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CUSTOMS ADJUST FX RATE FOR IMPORT DUTIES TO N1, 147/$.(PHOTO).

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 Customs adjust FX rate for import duties to N1,147/$

   

The Nigeria Customs Service (NCS) has again adjusted the foreign exchange (FX) rate for duties to N1,147.02 per dollar.


This represents a 7.3 percent decrease compared to N1,238.1/$ displayed on April 18.


The rate adopted by customs was observed on Friday. 


It fell below the official foreign exchange rate, which closed at N1,154/$ on April 18 at the Nigerian Autonomous Foreign Exchange Market (NAFEM).


The drop in the FX rate for customs tariffs and duties is coming amid the Central Bank of Nigeria‘s (CBN) effort to stabilise the naira.


On April 17, the naira appreciated to N1,050 at the parallel section of the FX market, from the N1,100/$ traded on April 15.


Meanwhile, on April 16, President Bola Tinubu inaugurated the national single window (NSW) project to boost trade in Nigeria.


NSW is an electronic portal linking all agencies and players in import and export processes to an integrated platform.


Speaking on the development, Adewale Adeniyi, the comptroller-general (CG) of Nigeria Customs Service (NCS), said the country is making progress with consultations on the reopening of the borders with Niger Republic and Benin Republic.

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