Justice Mojisola Dada of the Special Offences Court sitting in Ikeja, Lagos, on Monday, November 18, 2024, convicted and sentenced Fatuyi Yemi Phillips, Chairman of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), to 21 years imprisonment for N43.5 million fraud.

The Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) arraigned Phillips alongside his firm, Oceanview Oil and Gas Limited, on April 5, 2022, on a two-count charge bordering on obtaining money by false pretenses to the tune of N43,502,000.00.

Count one reads:

"Fatuyi Yemi Phillips and Oceanview Oil and Gas Nigeria Limited, on or about the 28th day of September, 2016, at Lagos, within the jurisdiction of this Honourable Court, with intent to defraud, obtained the aggregate sum of N43,502,000.00 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."

Count two reads:

"Fatuyi Yemi Phillips and Oceanview Oil and Gas Nigeria Limited, on or about the 28th day of September, 2016, at Lagos, within the jurisdiction of this Honourable Court, stole the sum of N43,502,000.00, property of WAPCIL Nigeria Limited."

Phillips pleaded "not guilty" to the charges, which led to a full trial.

During the trial, the prosecution counsel, M.S. Owede, tendered several documentary pieces of evidence and called five witnesses to substantiate the allegations against the defendant and his company. The defense, on its part, called three witnesses.

Delivering judgment on Monday, Justice Dada held that the prosecution proved its case against the defendants beyond a reasonable doubt.

Consequently, the judge sentenced Phillips to 14 years imprisonment on count one and seven years on count two, without an option of a fine. The sentences are to be served concurrently.

The judge also ordered the second defendant, Oceanview Oil and Gas Limited, to pay a fine of N500,000 (Five Hundred Thousand Naira) for count one and N250,000 (Two Hundred and Fifty Thousand Naira) for count two within 30 days or face being wound up.

Furthermore, the court directed the convicts to make restitution in the sum of $90,202.00 or its prevailing Naira equivalent to the nominal complainants.

Phillips’ journey to the correctional center began when he collected the sum of N43,502,000.00 from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited with the false promise of selling its dollar equivalent ($98,870.00) to them. He failed to either deliver the dollars or return the naira equivalent to the petitioners.