Fatuyi Philips, the former Chairman of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), was on Monday, November 18, 2024, convicted and sentenced to 21 years in prison for his involvement in a N43.5 million fraud.
The sentence was handed down by Justice Mojisola Dada of the Lagos State Special Offences Court in Ikeja.
Philips was convicted on a two-count charge of fraud and obtaining money under false pretenses, brought against him by the Economic and Financial Crimes Commission (EFCC).
He was accused of defrauding Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited, acting on behalf of WAPCIL Nigeria Limited, to the tune of N43,502,000.
The funds were obtained with a false promise that Philips would sell them $98,870.00, which he never delivered.
The EFCC had arraigned Philips alongside his company, Oceanview Oil and Gas Nigeria Limited, on April 7, 2022. Philips had pleaded not guilty to the charges, leading to a full trial.
During the proceedings, the prosecution presented several documentary pieces of evidence and called five witnesses to substantiate its claims, while the defense called three witnesses.
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In her judgment, Justice Dada stated that the prosecution had proven its case beyond reasonable doubt. “The first defendant never intended to provide the nominal complainant with the Naira equivalent of the Dollar,” she remarked.
As a result, she sentenced Philips to 14 years in prison for Count 1 (obtaining money under false pretenses) and seven years for Count 2 (stealing), with the sentences to run concurrently.
The judge also noted that $8,000 had been recovered from the convict during the investigation and highlighted Philips’ blatant lack of remorse. “The treatment of the victim was such that the case could not be further delayed,” she added.
In addition to the prison sentence, Justice Dada ordered that Oceanview Oil and Gas Nigeria Limited pay a fine of N500,000 for Count 1 and N250,000 for Count 2 within 30 days or face the immediate winding up of the company.
The court also directed the convicts to restitute the full sum of N43.5 million to the victims, along with the dollar equivalent of $90,202, or its Naira equivalent, within 90 days.
Philips’ fraudulent actions began in September 2016, when he obtained the N43.5 million from the complainants under the false representation that he would sell them $98,870.
Despite receiving the funds, Philips neither returned the Naira nor provided the dollar equivalent, leading to the criminal charges against him.
Justice Dada’s ruling sends a strong message about the commitment of the Nigerian judiciary to tackle financial crimes, particularly those involving deceit and misrepresentation.
The judgment also emphasizes the responsibility of corporate entities, such as Oceanview Oil and Gas Nigeria Limited, in ensuring accountability within their operations.
