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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VIETNAMESE BILLIONAIRE SENTENCED TO DEATH IN $12.5BN FRAUD CASE. (PHOTO)

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  Vietnamese property tycoon Truong My Lan, chair of Van Thinh Phat (VTP), has been sentenced to death for a multibillion-dollar fraud case involving embezzlement, bribery, and banking violations.



Lan, 67, was accused of a $12.5bn fraud, equivalent to nearly 3% of Vietnam's 2022 GDP.



She allegedly took out $44bn in loans from Saigon Commercial Bank, with $27bn possibly unrecoverable.



The high-profile trial, ending earlier than planned, shook Vietnam, as VTP was a major developer. 



Vietnamese stocks plummeted $40bn in 2022 due to corporate arrests, impacting investor confidence amid economic growth.

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