NOGASA chair jailed 21 years for N43.5m fraud in Lagos

Lagos Special Offences Court Judge, Justice Mojisola Dada, on Monday, November 18, 2024, sentenced Fatuyi Yemi Philips, Chairman of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), to 21 years imprisonment for fraud involving N43.5 million.

Philips and his company, Oceanview Oil and Gas Limited, were arraigned by the Economic and Financial Crimes Commission (EFCC) on April 5, 2022, on two counts of obtaining money by false pretenses and theft.

The charges stemmed from a 2016 transaction in which Philips fraudulently obtained N43,502,000 from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited, claiming he would sell $98,870 to WAPCIL Nigeria Limited. However, he failed to deliver either the dollars or a refund.

During the trial, EFCC prosecutor M.S. Owede presented documentary evidence and called five witnesses, while the defense called three witnesses. Justice Dada found the prosecution’s case proved beyond reasonable doubt.

Philips was sentenced to 14 years for the first count and seven years for the second, to run concurrently. Oceanview Oil and Gas Limited was fined N750,000 and ordered to pay restitution of $90,202 (or the Naira equivalent) within 30 days or face liquidation.

This marks the end of a legal battle that began when the EFCC brought charges following the victims’ petition.