Fatuyi Yemi Philips, the former Chairman of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), was today sentenced to 21 years in prison by the Lagos State Special Offences Court, Ikeja.
Justice Mojisola Dada found him guilty of fraud involving a sum of N43.5 million.
The conviction followed a two-count charge filed by the Economic and Financial Crimes Commission (EFCC), which accused Philips of obtaining money through pretences and stealing.
Justice Dada concluded that the prosecution had proven its case beyond reasonable doubt.
Philips, who was first arraigned on April 7, 2022, faced trial alongside Oceanview Oil and Gas Nigeria Limited.
The EFCC had alleged that Philips, in collusion with the company, defrauded Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited.
Details of the Charges
Count One of the charges reads:
“Fatuyi Yemi Philips 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 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 of the charge states:
“Fatuyi Yemi Philips 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, the property of WAPCIL Nigeria Limited.”
Philips pleaded not guilty to the charges, prompting the commencement of a lengthy trial.
Testimony and Defense
During the trial, the prosecution's final witness, Musa Mohammed, a Bureau De Change (BDC) operator, testified about his interactions with Philips.
In September 2016, Mohammed stated that Philips gave him $40,000 to help exchange the money.
The witness confirmed that Philips had a direct business transaction with him as part of the fraudulent scheme.
After presenting its fifth and final witness on March 30, 2023, the EFCC closed its case, and the trial moved to the defence phase.
Philips, under the defence of counsel Olanrewaju Ajanaku, explained that he had entrusted $100,000 to one Olumide Adegbite for exchange because Adegbite had claimed to have connections with the Central Bank of Nigeria (CBN) and promised to help him secure a preferential exchange rate.
A dramatic moment occurred when the prosecution lawyer, O.S. Owede, objected to the defendant’s testimony, alleging that Philips was reading from a prepared script.
Philips was shown to be referring to a piece of paper containing account numbers and figures, which was subsequently presented to the judge.
Despite the objection, Justice Dada allowed Philips to continue his testimony.
After two hours of testimony, the defence rested its case.
Judgment and Sentence
In her judgment, Justice Dada emphasized that the burden of proof rested squarely on the prosecution, which she ruled had met the standard of proving its case beyond reasonable doubt.
The judge sentenced Philips to 14 years in prison on Count One and 7 years on Count Two. The sentences are to run concurrently.
Justice Dada also noted that Philips failed to fulfil his obligation to repay the Naira equivalent of the fraudulent amount to the nominal complainant. She observed that the case could not be delayed further.
The judge further declared that $8,000 had been recovered from Philips during the investigation, and she condemned his lack of remorse for the crime.
“The first defendant never had the intention of giving the nominal complainant the Naira equivalent of the dollar,” Justice Dada remarked.
Restitution and Company Fines
In addition to the prison sentence, Justice Dada ordered Philips to pay restitution of the full sum of N43.5 million to the nominal complainant within 90 days.
She also imposed fines on Oceanview Oil and Gas Nigeria Limited: N500,000 for Count One and N250,000 for Count Two. The company was given 30 days to pay the fines or face liquidation.
Copyright Notice: All rights reserved. The content on this website, including text and other digital materials, may not be reproduced, published, broadcast, rewritten, or redistributed, in whole or in part, without the express written consent of THE NEWS ACCELERATOR NETWORK.
For advertising inquiries, news coverage, or press releases, please contact us at thenewsacceleratornetwork@gmail.com or call 08022717838 and 08033599492.
Post a Comment