Justice Mojisola Dada of the Special Offences Court has sentenced Fatuyi Yemi Philips, Chairman of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), to 21 years imprisonment for a N43.5 million fraud case.
Philips, alongside his company, Oceanview Oil and Gas Limited, was arraigned by the Economic and Financial Crimes Commission (EFCC) on April 5, 2022, on two counts: obtaining money by pretenses and theft.
According to court proceedings, on September 28, 2016, Philips and Oceanview Oil and Gas received N43,502,000 from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited.
Justice Dada remarked, “The defendant neither provided the dollar equivalent nor refunded the money.”
This money was to be exchanged for $98,870, intended for WAPCIL Nigeria Limited. However, the prosecution proved that Philips did not intend to fulfill this transaction, leading to fraud and theft charges.
“The prosecution has proven its case against the defendants beyond reasonable doubt,” Justice Dada ruled, adding that the evidence presented by the EFCC was irrefutable.
During the trial, prosecution counsel M.S. Owede presented documentary evidence and called five witnesses to testify against Philips and his company. The defense countered with three witnesses, but Justice Dada concluded that the defendants were guilty.
Philips was sentenced to 14 years imprisonment for count one (obtaining money by pretenses) and 7 years for count two (theft). The sentences will run concurrently, meaning Philips will serve 14 years total. The judge also ruled that there would be no fine option.
Oceanview Oil and Gas Limited was fined N500,000 on the first count and N250,000 on the second count, payable within 30 days, or the company risks being wound up. Additionally, Justice Dada ordered the convicts to make restitution of $90,202 (or the naira equivalent) to the complainants.
