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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CAMEROON LOSES OVER FCFA 100 BILLION TO CORRUPTION IN 2023,CONAC REPORT REVEALS. (PHOTO).

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 Cameroon Loses Over FCFA 100 Billion to Corruption in 2023, CONAC Report Reveals


Cameroon lost more than FCFA 100 billion to corruption in 2023, according to a recent report from the National Anti-Corruption Commission (CONAC). The report, presented on September 26 by CONAC president Rev. Dieudonné Massi Gams in Yaoundé, shows a sharp rise in funds lost compared to previous years. 


Back in 2020, around FCFA 17 billion was reported lost due to corruption, while in 2022, the figure grew to over FCFA 43 billion. The 2023 losses represent a huge increase.


CONAC's Budgetary Disciplinary Committee took action against officials from six organizations, including the National Social Insurance Fund (NSIF) and the Cameroon Real Estate Corporation (SIC). Some managers were held responsible for a total of FCFA 6.1 billion in financial damages.


Rev. Massi Gams noted that the total amount owed to the state is estimated at FCFA 38.5 billion. The Special Criminal Court recovered around FCFA 1.47 billion, while an additional FCFA 7 billion was reclaimed through debt recovery, totaling FCFA 8.5 billion in recovered funds.

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