The Lagos State Special Offences Court in Ikeja, presided over by Justice Mojisola Dada, has sentenced Fatuyi Yemi Philips, the Chairman of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), to 21 years in prison for orchestrating a fraud valued at N43.5 million.
Justice Dada delivered this firm verdict after finding Philips guilty on two counts brought forth by the Economic and Financial Crimes Commission (EFCC).
The EFCC successfully proved that Philips had deceived his victim, obtaining money under false pretences of N43,502,000. Philips was first arraigned on April 7, 2022, alongside Oceanview Oil and Gas Nigeria Limited.
Despite pleading not guilty, Philips faced the full weight of the law throughout his trial. The prosecution’s final witness, Musa Mohammed, a Bureau De Change (BDC) operator, confirmed his involvement in a dubious transaction with Philips, wherein Philips handed him $40,000 in cash for currency exchange in September 2016.
Following the conclusion of the prosecution’s case on March 30, 2023, the trial was adjourned for the defence.
On June 16, 2023, Philips began his defence, where he, under the direction of his counsel, Olanrewaju Ajanaku, asserted that he had entrusted $100,000 to Olumide Adegbite for exchange, citing Adegbite’s alleged connections to secure a favourable exchange rate from the Central Bank of Nigeria (CBN).
Tensions escalated when the prosecution’s lawyer, Owede, objected to Philips reading from a prepared script.
Nevertheless, Justice Dada allowed the submission of his documents, unswayed by these distractions.
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After two hours of testimony, the defence concluded its case. In delivering the judgment, Justice Dada asserted that the prosecution had met its burden of proof beyond a reasonable doubt.
She sentenced Philips to 14 years for Count 1 and 7 years for Count 2, sending a strong message that fraudulent behaviour will not be tolerated.
Justice Dada underscored that Philips failed to pay the Naira equivalent to the nominal complainant, marking the case as one that could not be further delayed.
She made it clear that $8,000 had been recovered from Philips during the investigation and highlighted his blatant lack of remorse.
“The first defendant never intended to provide the nominal complainant with the Naira equivalent of the Dollar,” she declared.
Furthermore, Justice Dada ordered Philips to fully restitute the sum of N43.5 million to the nominal complainant within 90 days of the judgment.
She also mandated that Oceanview Oil and Gas Nigeria Limited pay a substantial fine of N500,000 for Count 1 within 30 days, or face immediate winding up. For Count 2, the company was fined N250,000 also payable within 30 days, underlining that failure to comply will result in severe consequences.
