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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EGYPT APPROVES ENERGY EXPLORATION PROJECTS WORTH $200M.(PHOTO).

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 Egypt approves energy exploration projects worth $200m


Egypt’s Cabinet has approved several petroleum commitment agreements involving the Egyptian Natural Gas Holding Company (EGAS), the Egyptian General Petroleum Corporation (EGPC), and several international and national companies, with investments totalling $200 million.


In a statement the government highlighted these approvals as part of its intensified efforts to address the ongoing electricity shortage crisis, which has led to daily power cuts of up to three hours, Anadolu Agency reported.


The deals include a commitment to explore and exploit natural gas and crude oil in the North Port Fouad offshore area in the Mediterranean Sea and cover similar projects in the South Nour offshore area in the Mediterranean and the North El-Khatatba onshore area in the Nile Delta.


The agreements also involve amendments to existing commitments for oil exploration, development and exploitation in the Horus Development Area in the Western Desert, and another in the South Dabaa Development Area.


Egypt is a significant natural gas producer, with an average annual production of around 60 billion cubic metres. However, this falls short of the nation’s annual demand of about 62 billion cubic metres.


The new agreements highlight Egypt’s ongoing efforts to enhance its energy sector and develop its natural resources.

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