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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NAIRA DOWN TO N1,410/$ IN PARALLEL MARKET.(PHOTO).

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 Naira down to N1,410/$ in parallel market

The Naira yesterday depreciated to N1,410 per dollar in the parallel market, from N1,395 per dollar last weekend. However, the Naira appreciated in the Nigerian Foreign Exchange Market, NAFEM, to N1,354.21 per dollar.


Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,354.21per dollar from N1,400.4 per dollar last week Friday, indicating N46.19 appreciation for the naira.


The market recorded an intraday high of N1,441 per dollar and an intraday low of N1,285 per dollar resulting in a margin of N156 per dollar. The volume of dollars traded (turnover) in the market declined by 58 percent to $84.83 million from $201.88 million traded the previous day.


Consequently, the margin between the parallel market and NAFEM rates widened to N55.79 per dollar from N5.4 per dollar last Friday.

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