Rita Odafe
Fatuyi Yemi Philips, who heads the Natural Oil and Gas Suppliers Association of Nigeria, was sentenced to 21 years in prison on November 18 by Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos.
Philips, along with Oceanview Oil and Gas Limited, faced two charges concerning deceitful financial transactions totaling N43,502,000.00.
The first charge states: “On September 28, 2016, in Lagos, you and Oceanview Oil and Gas Nigeria Limited, aimed to defraud by claiming you would sell $98,870.00 worth of goods to WAPCIL Nigeria Limited, a claim you knew was false.”
The second charge reads: “On the same date, you stole the sum of N43,502,000.00, the property of WAPCIL Nigeria Limited.”
Philips denied the charges, which led to a full trial.
During the trial, the prosecution, represented by M.S. Owede, presented various documents and called five witnesses to support their case against him and his firm.
The defence called three witnesses throughout the proceedings.
After reviewing the evidence, Justice Dada determined that the prosecution successfully proved its case against Philips and his company.
As a result, Philips received a 14-year sentence for the first charge and seven years for the second, with both sentences to run concurrently and no option for a fine.
Additionally, Oceanview Oil and Gas Limited was fined N500,000 for the first charge and N250,000 for the second, both payable within 30 days or face liquidation.
The court also ordered that Phillips and his company pay restitution of $90,202.00 or its equivalent in Naira to the complainants.
The case stemmed from Philips accepting N43,502,000.00 from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited with the false assurance of selling them the dollar amount of $98,870.00.
He failed to return either the Naira or dollar equivalent to the investors.
