Former oil association chief bags 21 years for N43.5m fraud
Justice Mojisola Dada of the Lagos Special Offences Court, Ikeja, yesterday sentenced Fatuyi Yemi Philips, the former chairman of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), to 21 years in prison for defrauding his victims of N43.5 million.
Philips was found guilty of a two-count charge brought against him by the Economic and Financial Crimes Commission (EFCC), which accused him of obtaining the sum by false pretence.
The Guardian learnt that Philips was first arraigned alongside Oceanview Oil and Gas Nigeria Limited on April 7, 2022. According to the EFCC, Philips and Oceanview Oil and Gas, on September 28, 2016, with intent to defraud, obtained the sum of N43,502,000.00 from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited, under the false pretext of selling $98,870.00 to WAPCIL.
During the trial, one of the prosecution’s witnesses, Musa Mohammed, a Bureau De Change operator, narrated how he met the defendant and entered a business transaction with him. Mohammed, led in evidence by EFCC counsel Spiff Owede, explained that in September 2016, Philips gave him $40,000 in cash for currency exchange.
Following the EFCC’s presentation of its final witness on March 30, 2023, the prosecution closed its case. Philips, however, maintained his innocence, claiming during his defence on June 16, 2023, that he had given $100,000 to one Olumide Adegbite, who allegedly had connections with the Central Bank of Nigeria (CBN) to secure a preferential exchange rate.
However, in her judgement, Justice Dada held that the EFCC had proven its case beyond reasonable doubt. She sentenced Philips to 14 years imprisonment on the first count and seven years on the second count. The judge further ordered Philips to restitute N43.5 million to the nominal complainant within 90 days.
She also directed Oceanview Oil and Gas Nigeria Limited to pay fines of N500,000 and N250,000 on counts 1 and 2, respectively, within 30 days or face winding up. Justice Dada noted that $8,000 had been recovered from Philips during investigations and remarked that he had shown no remorse throughout the trial.
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