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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ETHIOPIA,UAE SIGN PRELIMINARY AGREEMENTS ON USE OF NATIONAL CURRENCIES IN BILATERAL TRANSACTIONS.(PHOTO).

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 Ethiopia, UAE Sign Preliminary Agreements on Use of National Currencies in Bilateral Transactions


The National Bank of Ethiopia (NBE) and the Central Bank of the United Arab Emirates (CBUAE) have signed a preliminary memorandum of understanding (MoU) on the use of the two countries' national currencies in bilateral transactions.


The MoU also encourages financial and banking cooperation through knowledge-sharing, ultimately supporting the development of their respective financial markets whilst facilitating bilateral trade and bolstering direct investment.


In addition, Abu Dhabi and Addis Ababa, which is facing a significant foreign exchange shortage, signed a bilateral national currency swap agreement of up to 3 billion dirhams for 46 billion birr, or nearly $817 million.

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