On November 18, 2024, Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos, convicted Fatuyi Yemi Philips, Chairman of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), to 21 years in prison for his role in a N43.5 million fraud scheme. The fraud occurred when Philips, along with his company, Oceanview Oil and Gas Limited, deceitfully obtained funds from investors.
The Economic and Financial Crimes Commission (EFCC) had charged Philips and his company with two counts of obtaining money under false pretenses. The charges stemmed from an incident on September 28, 2016, when they fraudulently obtained N43,502,000 from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited, promising to facilitate a dollar transaction for WAPCIL Nigeria Limited that never took place.
Details of the Fraud Charges and Conviction
The first charge accused Philips and Oceanview Oil and Gas Limited of falsely claiming they would sell $98,870 to WAPCIL Nigeria Limited, a representation they knew to be false. The second charge involved stealing the same amount of N43.5 million from WAPCIL Nigeria Limited. Philips maintained his innocence throughout the trial, but the court found the prosecution’s evidence compelling.
During the trial, the EFCC presented documentary evidence and called five witnesses to support its case. The defense presented three witnesses in an attempt to challenge the charges. In the end, Justice Dada ruled that the prosecution had proven its case beyond a reasonable doubt.
Sentencing and Consequences
Justice Dada sentenced Philips to 14 years in prison for the first count and seven years for the second count. The sentences will be served concurrently, with no option for a fine. The court also ordered Oceanview Oil and Gas Limited to pay a fine of N500,000 for the first charge and N250,000 for the second. If the company fails to pay within 30 days, it will face liquidation.
In addition, the court ordered Philips and his company to make restitution of $90,202 (or its Naira equivalent) to the complainants, Elochukwu Okoye and Elebana Unique Ventures.
Background of the Fraudulent Scheme
Philips’ fraudulent activities began in 2016 when he and his company convinced investors to part with N43,502,000 under the false promise of facilitating the sale of $98,870 to WAPCIL Nigeria Limited. Despite the assurances, neither the Naira nor the dollar equivalent was ever returned to the victims.
This conviction serves as a stark reminder of the growing need for vigilance against fraud in the Nigerian oil and gas sector, as well as the broader business community.
