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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ANY AMOUNT ABOVE N62K AS MINIMUM WAGE WILL CREATE JOB LOSSES- NECA. (PHOTO).

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 Any amount above ₦62k as minimum wage will create job losses - NECA


The Nigeria Employers Consultative Association (NECA) says any amount above ₦62,000 approved as a minimum will create job losses.


Adewale-Smatt Oyerinde, Director-General of NECA said this while speaking with journalists on Tuesday in Abuja.


He spoke on the sidelines of the third edition of the Nigeria Employers Summit with the theme, “Economic Renaissance: Harnessing Government Reforms and Private Sector Agility,”


Oyerinde said that the organised private sector cannot afford above ₦62,000 as agreed during the tripartite committee negotiation meetings.


According to him, any figure above ₦62,000 will create two different dynamics – setting the tone for non-compliance and attendant litigations -.


He stressed that setting a national minimum wage that will take away the ability to pay will set the stage for litigation and crisis.


On the allegation of delay in the process, Oyerinde said that there was no delay as the process was ongoing, accordingly.


“There is no waiting game and I think we have to put all this in context. It is misinformation,’ he said.


He said after the tripartite committee recommends to the President, a bill is expected to be sent to the national assembly for legislation.

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