The Chairman of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), Fatuyi Yemi Phillips, has been sentenced to 21 years imprisonment by Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, over a N43.5 million scam.
The conviction, delivered on Monday, November 18, 2024, followed a case filed by the Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC). Phillips and his company, Oceanview Oil and Gas Limited, were arraigned on April 5, 2022, on a two-count charge of obtaining money by false pretenses amounting to N43,502,000.00.
Details of the Charges
Count one stated:
“Fatuyi Yemi Phillips 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, with intent to defraud, obtained the aggregate sum of N43,502,000.00 from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited under the false representation that you would sell to WAPCIL Nigeria Limited $98,870.00, a representation you knew to be false.”
Count two alleged:
“Fatuyi Yemi Phillips 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.”
Phillips pleaded “not guilty” to the charges, prompting a full trial.
Trial and Judgment
During the trial, the EFCC’s counsel, M.S. Owede, presented several pieces of documentary evidence and called five witnesses to support the allegations. The defense responded with three witnesses.
Delivering her judgment, Justice Dada ruled that the EFCC had proven its case beyond a reasonable doubt.
As a result, Phillips was sentenced to 14 years imprisonment on count one and seven years on count two, to run concurrently, with no option of a fine.
Oceanview Oil and Gas Limited, the second defendant, was fined N500,000 for count one and N250,000 for count two, payable within 30 days or face being wound up.
Additionally, the court directed the defendants to make restitution of $90,202.00 or its prevailing Naira equivalent to the nominal complainants.
The Fraud Scheme
Phillips’ legal troubles began after he collected N43,502,000.00 from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited. He had promised to exchange the naira for its dollar equivalent of $98,870.00 but failed to deliver the dollars or refund the money.
Phillips now faces his prison term while Oceanview Oil and Gas Limited risks being dissolved if the fines remain unpaid.