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 OVERHAULS CABINET AS ECONOMIC PRESSURES, POWER CUTS PERSIST. (PHOTO).

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 Egypt overhauls cabinet as economic pressures, power cuts persist


Egyptian President Abdel Fattah al-Sisi swore in a reshuffled cabinet on Wednesday that includes new finance and foreign ministers in a government facing challenges including the Gaza war on its border, economic woes and persistent power cuts.


When the resignation of the previous cabinet was announced a month ago, Sisi reappointed Prime Minister Mostafa Madbouly and said his new government should focus on lowering inflation and regulating markets as well as boosting investment, Reuters reported.


Sworn in as the new finance minister was Ahmed Kouchouk, formerly deputy finance minister and facing perhaps the biggest challenge in managing a stumbling economy and a debt burden that has soared in recent years.


At the foreign ministry, Egypt's ambassador to the European Union, Badr Abdelatty, replaces Sameh Shoukry, a veteran who has steered Egypt's diplomatic efforts to contain the impact of the war in Gaza.


Karim Badawi was appointed as petroleum minister, Mahmoud Esmat as electricity minister and General Abdel Majeed Saqr as defence minister.

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