NOGASA Chairman Sentenced to 21 Years Imprisonment for ₦43.5 Million Fraud
On Monday, November 18, 2024, Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, convicted Fatuyi Yemi Philips, Chairman of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), sentencing him to 21 years imprisonment for defrauding his victims of ₦43.5 million.
Case Overview
The Economic and Financial Crimes Commission (EFCC) Lagos Zonal Directorate had arraigned Philips on April 5, 2022, alongside his company, Oceanview Oil and Gas Limited, on a two-count charge of obtaining money by false pretence and theft.
- Count One: Philips and his company fraudulently obtained ₦43.5 million from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited in September 2016, promising to exchange the funds for $98,870.00. He failed to fulfill this promise.
- Count Two: Philips was charged with stealing ₦43.5 million, which belonged to WAPCIL Nigeria Limited.
The defendant pleaded not guilty, prompting a full trial.
Trial Proceedings
The prosecution, led by M.S. Owede, presented substantial evidence, including documents, and called five witnesses to substantiate the charges. The defense, in turn, called three witnesses.
After evaluating the evidence, Justice Dada ruled that the prosecution proved its case beyond reasonable doubt.
Sentencing
- Imprisonment:
- 14 years for count one (fraud).
- 7 years for count two (theft).
- The sentences will run concurrently.
- Fines for Oceanview Oil and Gas Limited:
- ₦500,000 for count one.
- ₦250,000 for count two.
- The fines must be paid within 30 days, failing which the company will be wound up.
- Restitution:
- Philips and his company are to refund $90,202 or its naira equivalent to the complainants.
Key Judgments
Justice Dada emphasized that the EFCC presented a water-tight case, proving Philips’ deliberate intent to defraud. The court’s decision highlights the judiciary’s determination to tackle corruption and economic crimes.
Conclusion
Fatuyi Yemi Philips’ conviction serves as a stern warning to others engaged in fraudulent practices. His sentence underscores the EFCC’s and judiciary’s commitment to upholding justice and protecting economic integrity in Nigeria.
