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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AUSTRALIAN MINER PAYS MALI INITIAL $80M OUT OF TOTAL OF $160M OCER TAX DISPUTE, STATEMENT SAYS. (PHOTO).

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 Australian Miner Pays Mali Initial $80 Mln Out of Total of $160 Mln Over Tax Dispute, Statement Says


The Malian government is demanding $161 million from Resolute Mining, which operates the Syama gold mine, to settle a dispute primarily involving alleged back taxes, Sputnik reports.


Australian gold miner Resolute Mining, which operates Mali's Syama gold mine, has paid an initial $80 million to the government of Mali and will pay a further $80 million in the coming months over a tax dispute, the company said in a statement on Monday.


"The protocol [a memorandum of understanding between the Malian government and the miner] also provides that all outstanding claims by the government against the company, including those related to tax, customs levies, maintenance and management of offshore accounts are settled," the statement read.


Resolute has made an initial settlement payment of approximately $80 million to Mali's government from existing cash reserves, with future payments of approximately $80 million to be made in the coming months.


The move follows more than a week of detention in Mali of the company's CEO, Terence Holohan, and two of the company's employees, who were in the capital, Bamako, for discussions with the country's mining and tax authorities about Resolute's operations in the country and to pursue unfounded tax claims against the company, the miner noted in a statement last Monday.


"The executives were in Bamako to hold discussions with the mining and tax authorities regarding general activities related to Resolute’s in-country business practices, and to progress open claims made against Resolute, which the Company maintains are unsubstantiated," the statement said.

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