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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MINISTER DIRECTS NNPCL TO SELL PMS ABOVE N1000. (PHOTO)

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 Minister directs NNPCL to sell PMS above N1000


The Minister of State for Petroleum Resources, Heineken Lokpobiri has said that the Nigerian National Petroleum Company Limited(NNPCL) must sell petrol above the landing cost – currently at N1,117 per litre – to curb the smuggling of the products to neighbouring countries.


Lokpobiri who disclosed this recently in Abuja, added that security agencies are complicit in smuggling activities.


He said unless the NNPC Ltd imports and sells petrol above the landing cost, smugglers would continue to move petroleum products to neighboring countries.


The group chief executive officer of the NNPCL, Mele Kyari had last month met the Comptroller General of Nigeria Customs Service (NCS), Bashir Adewale Adeniyi on the rapid impact of the NCS’ “Operation Whirlwind” in reducing the smuggling of Premium Motor Spirit (also known as petrol) across Nigeria’s border communities.


During the meeting, Kyari said PMS evacuation to border states had decreased from 32 million litres per day to about 25 million litres within just two months.


The federal government had in May last year removed the subsidy on petrol, which raised the price from about N197 to about N650 per litre.


While PMS is sold at an average of N701.99 in Nigeria, it is sold at an average of N1,672.05 in the Republic of Benin and N2,061.55 in Cameroon.


In other countries around the region, the price of PMS ranges from N1,427.68 in Liberia to N2,128.20 in Mali, averaging N1,787.57, according to the fuel price data obtained from trading economics statistics.


This development had heightened PMS smuggling out of Nigeria.


Lokpobiri’s submission at the event favours NNPC’s sale of imported fuel at a price above the landing cost to abridge the potential profit gap and disincentivise smuggling of the product to neighbouring countries for high profit-making by those involved in the shady business.

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