CBN DEBUNKS FAKE NEWS ON NEW N5,000 AND N10,000 BANKNOTES.(PHOTO).

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  The Central Bank of Nigeria (CBN) has dismissed a viral claim circulating on social media about the introduction of new ₦5,000 and ₦10,000 banknotes, labeling it as fake news. The claim, which included fabricated images of the supposed new denominations featuring Dr. Nnamdi Azikiwe and Chief Obafemi Awolowo, falsely stated that the new notes would enter circulation from May 1, 2025. In a statement on its verified Facebook account, the CBN clarified that the content is not from the bank and directed the public to its official website, (www.cbn.gov.ng), for authentic information. The bank warned against spreading misinformation regarding monetary policies and urged Nigerians to rely only on official statements from its verified channels. The CBN reaffirmed that any major policy decision, including the introduction of new banknotes, would be announced through its official platforms. The public is advised to remain cautious and verify financial information from credible sources befor...
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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 representation that you would sell to WAPCIL Nigeria Limited $98,870.00, a representation you knew to be false."

 

Count two 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, stole the sum of N43, 502,000.00, property of WAPCIL Nigeria Limited."

 

He pleaded "not guilty" to the charges, thereby leading to his full trial. 

 

In the course of the trial,  prosecution counsel, M.S. Owede, tendered several documentary evidence and called five witnesses to substantiate the allegations against him and his company.

 

The defence, on its part, called three witnesses during the trial.

 

Delivering judgment on Monday, Justice Dada held that the prosecution proved its case against the defendants beyond reasonable doubts. 

 

Consequently, the judge sentenced  Phillips to 14 years imprisonment on count one and seven years on count two, without an option of fine.

 

The sentences are to be served concurrently. 

 

The Judge also ordered the second defendant, Oceanview Oil and Gas Limited, to pay a fine of N500,000( Five Hundred Thousand Naira) in respect of count one and another N250,000( Two Hundred and Fifty Thousand Naira) in respect of count two within 30 days or be wound up.

 

The court further ordered the convicts to make restitution in the sum of  $90,202.00 or the prevailing Naira equivalent to the nominal complainants.


Phillips’ journey to the Correctional Centre began when he collected the sum  of  N43, 502,000.00 from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited with a false  promise of selling its dollar equivalent($98,870.00) to them. He neither returned the naira nor dollar equivalent to the petitioners.

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