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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NAIRA WEAKENS TO N1, 590 AGAINST THE DOLLAR IN THE PARALLEL MARKET. (PHOTO).

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 Naira weakens to N1,590 against the dollar in the parallel market.



The Naira dropped to N1,590 per dollar in the parallel market, down from N1,580 per dollar on Monday. In addition, the Naira fell to N1,582.09 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.


Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,582.09 per dollar from N1,570.99 per dollar on Monday, indicating an N11.1 depreciation for the Naira. The volume of dollars traded in the market declined by 18.2 percent to $201.43 million from $246.44 million traded on Monday.


As a result, the gap between the parallel market and NAFEM rate narrowed to N7.91 per dollar from N10.8 per dollar on Monday.


Isa Garba, a currency trader, attributed the Naira's depreciation to increased demand and low supply of the dollar.


Today, the Naira depreciated against the dollar by N10. I bought a dollar at N1580 and sold it for N1,590, compared to yesterday's rate. Today, there is less supply of dollars. The dollar was traded at N1,600 per dollar this morning and closed at N1,590.


"Due to the low supply, few traders were present in the market, adding to the demand and supply pressure."

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