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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KENYA TO RAISE $1.2 BILLION THROUGH CONTROVERSIAL TAXES AMIND DEBT CRISIS. (PHOTO).

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 Kenya to Raise $1.2 Billion Through Controversial Taxes Amid Debt Crisis


To generate around $1.2 billion, the Kenyan government intends to bring back several controversial taxes that were initially included in the heavily criticized finance bill. 


This move follows intense public backlash and deadly protests that erupted across the nation earlier this year. The tax proposals were initially scrapped in June after violent demonstrations saw protesters storm parliament, leading to police firing live ammunition.


President William Ruto had cautioned that the country would face a significant funding gap after these tax hikes were abandoned.


Kenya's Finance Minister John Mbadi, currently one of the opposition leaders who recently joined a restructured cabinet, has revealed that the government is considering nearly 49 new tax initiatives. 


Among these initiatives is the reintroduction of an "eco levy" aimed at curbing electronic and plastic waste.


At this point Kenya is grappling with approximately $80 million in domestic and external debt. The situation is critical, as failure to manage this debt could make future borrowing increasingly challenging for the country.


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