Nigerian Oil And Gas Mogul Jailed 21-Year Sentence For Fraud

Chairman of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), Fatuyi Yemi Philips was sentenced to 21 years in prison for N43.5 million fraud by Justice Mojisola Dada at the Special Offences Court in Ikeja, Lagos. Philips and his company, Oceanview Oil and Gas Limited, were charged with two counts of fraud.

Dele Oyewale, the EFCC spokesperson, outlined the charges: “Count one reads: Fatuyi Yemi Philips and Oceanview Oil and Gas Nigeria Limited…obtained the aggregate sum of N43,502,000.00…under the false representation that you would sell to WAPCIL Nigeria Limited $98,870.00, a representation you knew to be false.”

“Count two reads: Fatuyi Yemi Philips and Oceanview Oil and Gas Nigeria Limited…stole the sum of N43,502,000.00, property of WAPCIL Nigeria Limited.”

Philips pleaded “not guilty” to the charges, leading to a full trial. Justice Dada confirmed that the prosecution proved the case beyond a reasonable doubt. “Consequently, the judge sentenced Phillips to 14 years imprisonment on count one and seven years on count two, without an option of fine. The sentences are to be served concurrently.”

“The judge also ordered the second defendant, Oceanview Oil and Gas Limited, to pay a fine of N500,000 (five hundred thousand naira) in respect of count one and another N250,000 (two hundred and fifty thousand naira) in respect of count two within 30 days or be wound up.”

“The court further ordered the convicts to make restitution in the sum of $90,202.00 or the prevailing naira equivalent to the nominal complainants.”

Philips had collected N43,502,000 from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited, promising to sell them $98,870. However, he failed to deliver either the Naira or the dollar equivalent to the complainants.

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