LlThe Chairman of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), Fatuyi Yemi Phillips, has been sentenced to 21 years in prison for a N43.5 million fraud. The sentence was handed down by Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, on Monday, 18 November 2024.
Phillips was arraigned by the Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on 5 April 2022. He, along with his firm, Oceanview Oil and Gas Limited, faced a two-count charge of obtaining money by false pretence, amounting to N43,502,000.
“The first count stated that on 28 September 2016, within the jurisdiction of the court, and Oceanview Oil and Gas Nigeria Limited fraudulently obtained N43,502,000 from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited. The sum was allegedly taken on behalf of WAPCIL Nigeria Limited under the false pretext that Phillips would sell $98,870 to WAPCIL Nigeria Limited, a promise he knew to be false”, EFCC noted.
Also, the second count accused Phillips and his company of stealing the sum of N43,502,000, property of WAPCIL Nigeria Limited, on the same date in 2016.
However, Phillips pleaded “not guilty” to both charges, leading to a full trial. The prosecution, led by counsel M.S. Owede, presented several pieces of documentary evidence and called five witnesses to substantiate the allegations. The defence, in contrast, produced three witnesses during the proceedings.
In her judgment, Justice Dada ruled that the prosecution had proven its case beyond reasonable doubt. Consequently, she sentenced Phillips to 14 years’ imprisonment on count one and seven years on count two, with both sentences to run concurrently. There is no option of a fine.
In addition to the prison sentence, the judge ordered Oceanview Oil and Gas Limited, the second defendant, to pay a fine of N500,000 for count one and N250,000 for count two within 30 days. Failure to do so would result in the company being wound up.
Furthermore, the court directed the convicts to make restitution by paying $90,202 or the equivalent in Naira to the complainants.
Phillips’ legal troubles began when he collected N43,502,000 from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited, under the false promise of delivering its dollar equivalent ($98,870). He failed to return either the naira or dollar equivalent, prompting the legal case that led to his conviction.
