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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BANK OF ZAMBIA EXPRESSED CONCERN OVER IT'S CITIZEN'S PARTICIPATION IN FRAUDULENT FINANCIAL SCHEMES. (PHOTO). #PRESS RELEASE.

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 The Bank of Zambia has expressed concern over the continued participation of members of the public in fraudulent financial schemes worries Bank of Zambia


BOZ Assistant Director Communications Besnat Mwanza says the schemes typically promote investment options that promise abnormally high returns.

READ PRESS RELEASE BELOW:

Bank of Zambia


PRESS STATEMENT


WARNING AGAINST MONEY CIRCULATION SCHEMES


The Bank of Zambia has observed, with concern, the continued participation of members of the public in fraudulent financial schemes. The schemes typically promote investment options. that promise abnormally high returns. Countless citizens continue to lose their hard-earned money to such schemes.


The Rank reiterates that any person who conducts or participates in a money circulation scheme or issues a notice, circular, prospectus, proposal or other document inviting the public to subscribe to a money circulation scheme commits an offence. Promoting such schemes contravenes, among others, Section 157 of the Banking and Financial Services Act which states that, "a person who conducts or participates in a money circulation scheme commits an offence and shall be liable to prosecution."


Members of the public are, therefore, encouraged to be on the look-out and report any suspicious financial institutions to law enforcement agencies. They are particularly encouraged to only deal with licensed financial service providers when making investments. This is the first step in safeguarding one's money.


Unlicensed institutions perpetrating fraudulent financial services and products and members of the public participating in such schemes are warned that they do so at the risk of prosecution.


The following are the institutions licensed by the Bank of Zambia:


Commercial Banks


Non-Bank Financial Institutions


Payment System Institutions


Issued by


An


Besnat Mwanza


Assistant Director-Communications


May 23, 2024

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