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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PRESIDENT TINUBU SIGNS STUDENTS LOAN AMENDMENT BILL INTO LAW. (PHOTO).

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President Tinubu Signs Students Loan Amendment Bill into Law


President Bola Tinubu has officially sanctioned and enacted the amendment bill for National Student Loans.


The legislation was ratified at the Aso Rock Presidential Villa on Wednesday, April 3, 2024.


The Senate had previously approved the Student Loan (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, in March 2024.


This action ensued after the Senate Committee on Tertiary Institutions and Tertiary Education Trust Fund (TETFund) reviewed and endorsed a report, which Senator Muntari Dandutse (APC, Katsina South), the committee’s chairman, presented during a plenary session.


It is noted that the bill had already undergone a second reading in both the Senate and the House of Representatives.


Tinubu has written to both the Senate and the House of Representatives, requesting the repeal of the Student Loan (Access to Higher Education) Bill and the enactment of a new one.


The anticipated Act aims to improve the execution of the Higher Education Student Loan Scheme by addressing issues related to the management structure of the Nigerian Education Loan Fund (NELF), the eligibility requirements for applicants, the loan’s purpose, sources of funding, and the procedures for disbursement and repayment.


This move by Tinubu followed the announcement of a temporary halt to the initiation of the student loan scheme.


The legislation was originally established to enable Nigerian tertiary institution students to obtain low-interest loans for tuition and other educational expenses.

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