Chairman of the Natural Oil and Gas Suppliers Association of Nigeria, Fatuyi Yemi Philips, has been sentenced to 21 years in prison by a Lagos Special Offences Court sitting in Ikeja for a N43.5 million fraud.
The businessman was sentenced on Monday after Justice Mojisola Dada found him guilty of two counts brought against him by the Economic and Financial Crimes Commission (EFCC).
News About Nigeria reports that the EFCC had accused Philips of obtaining N43,502,000 under false pretences and filed charges against him alongside Oceanview Oil and Gas Nigeria Limited.
Philips was first arraigned on April 7, 2022.
The anti-graft agency stated that Philips and Oceanview Oil and Gas Nigeria Limited committed the offences on September 28, 2016, in Lagos State.
The EFCC also stated that Philips obtained the sum of N43,502,000 from one Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited, falsely claiming he would sell WAPCIL Nigeria Limited $98,870, a claim he knew to be false.
He was also accused of stealing N43,502,000, the property of WAPCIL Nigeria Limited.
However, Philips pleaded not guilty to the charges.
Justice Dada, however, ruled that the prosecution had proven its case beyond a reasonable doubt.
She found Philips guilty and sentenced him to 14 years for count one and seven years for count two, with the sentences running concurrently.
She also ordered Philips to restitute the full sum of N43.5 million to the nominal complainant within 90 days of the judgment.
Additionally, she directed that Oceanview Oil and Gas Nigeria Limited pay a fine of N500,000 for count one and N250,000 for count two within 30 days, or face liquidation.
