In a significant victory for Nigeria’s anti-corruption efforts, the Economic and Financial Crimes Commission (EFCC) has secured a 21-year prison sentence against Fatuyi Yemi Philips, Chairman of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), for a N43.5 million fraud case.
Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos State, delivered the judgment on Monday.
Philips, alongside his company, Oceanview Oil and Gas Limited, was accused of defrauding Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited in 2016.
The victims had paid N43,502,000 to purchase $98,870.00 through Philips, a promise that turned out to be false.
Despite receiving the funds, Philips failed to deliver the dollar equivalent or refund the money.
Philips and Oceanview Oil and Gas Limited faced two counts of obtaining money by false pretenses and stealing.
Pleading not guilty to both charges, Philips underwent a full trial where the EFCC, led by prosecutor M.S. Owede, presented strong evidence, including documents and testimonies from five witnesses.
The defense countered with three witnesses, but their arguments failed to sway the court.
Justice Dada ruled that the EFCC had proven its case beyond reasonable doubt.
Philips was sentenced to 14 years imprisonment for the first count and seven years for the second, to run concurrently.
Oceanview Oil and Gas Limited was fined N750,000, with a failure to pay leading to dissolution of the company.
Furthermore, Philips and his firm were ordered to pay $90,202 in restitution to the victims.
This ruling reinforces the EFCC’s commitment to fighting financial crimes and deterring fraudulent activities in Nigeria’s oil and gas sector.
It also serves as a warning to individuals and organizations attempting to exploit trust for financial gain.
Justice Dada’s decision has been lauded as a step toward accountability and justice for fraud victims.
This case highlights the importance of vigilance in financial transactions and underscores the EFCC’s role in safeguarding the nation’s economy from corruption.