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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DANGOTE CRASHES DIESEL PRICE, SETS DATE TO SUPPLY PETROL. (PHOTO).

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 Dangote crashes diesel price, sets date to supply petrol


Dangote Petroleum Refinery has forced down the pump price of Automotive Gas Oil, a.k.a diesel to around N1,350/litre in some locations across the country following its own price of N1,225/litre.

The price of the product had risen to about N1,700/litre before the current fall.

The $20bn worth refinery started pumping out diesel to the domestic market last Wednesday.

According to the newspaper, the company sold a minimum of one million litres to each registered oil marketer that got the product from the plant since it commenced diesel sale.

Officials of the multi-billion dollar plant and oil dealers confirmed that the product was dispensed to marketers at between N1,225/litre and N1,300/litre depending on the volume of purchase.

This came as it was also gathered that the refinery would start releasing Premium Motor Spirit to the domestic market in May this year.

“They started pumping out diesel to marketers last week. They also promised to sell aviation fuel soon. Some of my members confirmed this to me after making the purchase.

“So some of our marketers have started getting the product, but as an association, we have not got the product yet, because we want to get the actual rate that it will be sold to us when we buy in bulk. However, they have started selling diesel because some of our marketers have started buying.

“They are selling at N1,225/litre and the minimum volume they are giving is one million litres per marketer. Also, they assured us that they will release more products but for now, this (diesel) is what they are starting with. So we are expecting them to release PMS anytime from now,” National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi told Newsmen. 

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