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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ALAKE PRESENTS GOLD BARS TO PRESIDENT TINUBU, SAYS SECTOR WILL BOOST NAIRA VALUE. (PHOTOS).

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 ALAKE PRESENTS GOLD BARS TO PRESIDENT TINUBU, SAYS SECTOR WILL BOOST NAIRA VALUE


Solid Minerals Development Minister, Dr. Dele Alake has commended President Bola Tinubu for supporting reforms in the solid minerals sector, assuring that the National Gold Purchase programme will increase the country’s reserve and boost the naira’s value.


Presenting the latest gold bar sourced from artisanal and small gold miners and refined by an agency of the Ministry, the Solid Minerals Development Fund (SMDF), to meet the London Bullion Market Association Good Delivery Standard recently, Alake said the refined gold would be sold to the Central Bank of Nigeria (CBN) to bolster foreign reserves.


Explaining to President Tinubu the significance of the event, Alake said it marked the first commercial transaction under the National Gold Purchase Program (NGPP), the centralised offtake scheme supported by a decentralised aggregation and production network of artisanal and small-scale miners and cooperatives.

More photos below. 




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