Justice Mojisola Dada of an Ikeja Special Offences Court yesterday sentenced the Chairman of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), Fatuyi Yemi Philips, to 21 years in prison for his involvement in a N43.5 million fraud.

Justice Dada found Philips guilty of a two-count charge offence the Economic and Financial Crimes Commission (EFCC) filed against him.

In the charge, the anti-graft commission alleged that Philips obtained N43.502 million by false pretense.

Philips was first arraigned on April 7, 2022, alongside Oceanview Oil and Gas Nigeria Limited.

The charges against the convict stated: “That you, Fatuyi Yemi Philips and Oceanview Oil and Gas Nigeria Limited, on or about September 28, 2016 with intent to defraud, obtained the aggregate sum of N43.502 million 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.”

Another count stated: “That you, Fatuyi Yemi Philips and Oceanview Oil and Gas Nigeria Limited, on or about September 28, 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.

During the trial, the prosecution’s last witness and a Bureau De Change (BDC) operator, Musa Mohammed, while being led in evidence by EFCC counsel O. S. Owede, told the court how he met the defendant and became involved in a business transaction with him.

He explained that in September 2016, Philips gave him $40,000 in cash to change to naira.

After the EFCC presented its fifth and final witness on March 30, 2023, the prosecution closed its case, and the trial was adjourned for the defence.

On Friday, June 16, 2023, Philips began his defence before Justice Dada.

Led by his counsel, Olanrewaju Ajanaku, the defenadnt claimed that he had given $100,000 to Olumide Adegbite for exchange, after telling him that he had connections with the Central Bank of Nigeria (CBN) and could secure a preferential exchange rate.

Owede told the court that the NOGASA chairman was reading from a prepared script.

A paper in which Philips had written some account numbers and figures was presented to the court and Justice Dada allowed the defendant to continue using the document.

After two hours of Philips’ testimony, the defence team concluded its case.

Delivering judgment, Justice Dada said the prosecution had proved its case against the defendant beyond reasonable doubt.

The judge sentenced Philips to 14 years imprisonment on Count One and seven years on Count 2.

Justice Dada said only $8,000 had been recovered from the defendant during the investigation, adding that Philips had remained unrepentant.

“The first defendant never had the intention of giving the nominal complainant the naira equivalent of the dollar,” the judge said.

Justice Dada ordered Philips to restitute the full sum of N43.5 million to the nominal complainant within 90 days of the judgment.

She also directed that Oceanview Oil and Gas Nigeria Limited pay a fine of N500,000 over Count One within 30 days or face winding up.

On Count Two, the company was fined N250,000, also payable within 30 days, or face winding up.