The chairman of Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), Fatuyi Yemi Philips, has been convicted and sentenced to 21 years imprisonment for N43.5m fraud.
Philips was convicted by Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Monday, November 18, 2024.
TheFact Daily reports that 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
According to count one, Fatuyi Yemi Philips and Oceanview Oil and Gas Nigeria Limited, on or about the 28th day of September, 2016 at Lagos, with intent to defraud, obtained the aggregate sum of N43,502,000.from one Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited, under the false representation that he would sell to WAPCIL Nigeria Limited the sum of $98,870.00
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.”
Philips 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.
