Justice Mojisola Dada of the Lagos State Special Offences Court, Ikeja, has sentenced Fatuyi Philips, Chairman of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), to 21 years in prison for a N43.5 million fraud scheme.
The judgment, delivered on Monday, followed Philips’ conviction on a two-count charge of fraud and obtaining money by false pretence, brought by the Economic and Financial Crimes Commission (EFCC).
Philips, alongside Oceanview Oil and Gas Nigeria Limited, was accused of defrauding his victims of N43,502,000. The EFCC had arraigned him on April 7, 2022, and the trial began on April 30, 2022, after he pleaded not guilty.
In her ruling, Justice Dada found the EFCC had proven its case beyond a reasonable doubt. Philips was sentenced to 14 years for the first count and 7 years for the second count. The judge stated that Philips failed to pay the promised Naira equivalent to the nominal complainant and showed no remorse for his actions.
“The first defendant never intended to provide the nominal complainant with the Naira equivalent of the Dollar,” Justice Dada remarked.
The court further ordered Philips to restitute N43.5 million to the complainant within 90 days. Additionally, Oceanview Oil and Gas Nigeria Limited was fined N500,000 for the first count and N250,000 for the second count, with a 30-day deadline for payment or risk being wound up.
This case highlights the judiciary’s commitment to tackling financial crimes and ensuring restitution for victims.