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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SENATE PROBES N11. 35TN SPENT ON REHABILITATION OF REFINERIES. (PHOTO).

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 Senate Probes N11.35tn Spent On Rehabilitation Of Refineries


The Senate has raised an ad hoc committee to investigate all the contracts awarded for the rehabilitation of all state-owned refineries said to have gulped N11.35tn in 13 years.


It also mandated the panel to interrogate the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, Nigerian National Petroleum Corporation Limited and the Bureau of Public Enterprises on the best approach to commercialise state-owned refineries.


Nigeria’s four refineries in Kaduna, Warri and Port Harcourt had become moribund for years despite the series of repairs executed under various Turn Around Maintenance contracts that had gulped huge amounts.


Karimi, in his motion, expressed concern that the state-owned refineries have been serious drain pipes of public finance, depriving citizens of the joy of being an oil-producing nation.


He said between 2010 and now, Nigeria is estimated to have spent N11.35trillion, excluding other costs in other currencies which include $592, 976, 050.00, 4, 877, 068.47 Euros and 3, 455, 656.93 Pounds, on the renovation of refineries, yet they are unproductive.

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