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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FBI ARRESTS, CHARGES TECH ENTREPRENEUR 'INEGBEDION' FOR $1.5M INTERNET FRAUD, MONEY LAUNDERING. (PHOTO).

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 FBI arrests, charges tech entrepreneur Inegbedion for $1.5 million Internet fraud, money laundering



The Federal Bureau of Investigations has filed a 16-count criminal indictment against Kingsley Inegbedion and Efemena Igbe over Internet fraud and money-laundering allegations of $1.5 million.


According to the FBI in the indictment filed on May 14 in the U.S. District Court for the Northern District of Georgia, Atlanta Division, Messrs Inegbedion and Igbe perpetrated romance scams and business email compromise posing as legit businesses to defraud innocent American citizens between April 2020 and May 2023.


Mr Inegbedion, a network engineer who ran training programmes for aspiring tech workers in Atlanta, was known previously to law enforcement, documents said.


Some of the banks include HSBC, Citi Bank, Synovus Bank, Navy Federal Credit Union Truist Bank, Associated Credit Union and Georgia’s Own Credit Union.


“The sham corporate entities did not have physical premises, earn legitimate income, or pay wages to employees,” the FBI said in the indictment.


They asked victims to wire money to these accounts which appeared legit and quickly distributed the fraudulent funds into other accounts within and outside the U.S. in an attempt to conceal the fraud.


In February 2021, $50,120 was withdrawn from Camtech’s Navy Federal account number ending with 4893. Another $60,000 was withdrawn in June 2021 from the same bank, but a different account number ended with 4854, registered under Kingtech Global Auto.


The FBI also found a purchase of $160,000 cashier’s cheque #4817 from Kingtech’s Truist account ending with 0619 in September 2022, among other fraudulent transactions 


At other times, the duo conspired with unknown persons who directed victims through emails and other means to pay into the fraudulent accounts.


Mr Igbe already fled to Nigeria after security agents invited him for questioning before the indictment was filed leaving Mr Inegbedion to answer and defend the charges preferred by the FBI.

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