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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7-ELEVEN OWNER REJECTS $38 BILLION TAKEOVER BID FROM CANADIAN RIVAL. (PHOTO).

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7-Eleven Owner Rejects $38 Billion Takeover Bid from Canadian Rival 


The Japanese owner of 7-Eleven, Seven & i Holdings, has rejected a $38 billion takeover bid from Canadian company Alimentation Couche-Tard (ACT), citing that the offer "grossly undervalued" the business and raised significant regulatory concerns. While Seven & i expressed openness to further negotiations, they emphasized that ACT's initial proposal was "opportunistically timed" and did not reflect the true value of the company or its potential for future growth. The takeover, if successful, would create a global convenience store giant with over 100,000 stores worldwide.


ACT, which operates around 17,000 stores under the Circle K and Couche-Tard brands, valued Seven & i at $14.86 per share, representing a 20% premium over its pre-announcement share price. The offer came at a time when the Japanese yen is weak against the US dollar, making Seven & i more affordable to foreign buyers. However, the Japanese retail giant flagged potential challenges from US competition regulators and reiterated that the deal was not aligned with its shareholder value goals.


The potential acquisition would mark the first time a Japanese company of Seven & i's size has been bought by a foreign firm. Historically, Japan has been more inclined to purchase overseas businesses rather than sell national assets. Experts suggest that if the deal succeeds, it could signal Japan's openness to foreign investment, though the negotiation process is expected to be long and complex.

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