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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WHY NO NEW REFINERY IN OTHER AFRICAN COUNTRIES IN 35 YEARS- ALIKO DANGOTE. (PHOTO).

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 Why no new refinery in other African countries in 35 years – Aliko Dangote


Aliko Dangote, the owner of the $20 billion Dangote Refinery, has blamed beneficiaries of fuel importation in other African countries for the absence of new refineries in the continent in the past 35 years.

Dangote disclosed this statement during a recent conversation with CNN’s reporter, Eleni Giokos, at his refinery in Lagos, Nigeria.

According to Dangote, other reasons for the absence of new refineries in Africa include a lack of loan facilities for investors, attributed to weak financial institutions among others.

“There are other countries in Africa who have been trying to build refineries but have been unable to. There has not been a new refinery in Africa in the last 35 years.

“There are so many issues regarding this such as money, political will, and also people who are benefitting from this whole system of importing petroleum products into Africa are discouraging their governments from building a refinery.

“Also, they won’t get loans anyway because they don’t have very strong banks. The international banks will not support anything like this,” Dangote said.

In April 2024, Dangote Refinery commenced the supply of diesel and aviation jet fuel to the Nigerian market months after it was commissioned last year.

The development comes as the Secretary-General of the African Petroleum Producers Organisation (APPO), Omar Farouk Ibrahim said 75 percent of crude oil produced in Africa is exported to other countries.

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