Philips was arraigned by the Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on April 5, 2022, alongside his company, Oceanview Oil and Gas Limited.
Justice Mojisola Dada of the Special Offences Court in Ikeja, Lagos State, has convicted and sentenced the Chairman of the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), Fatuyi Yemi Philips, to 21 years in prison for fraud to the tune of N43.5million.
Philips was arraigned by the Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on April 5, 2022, alongside his company, Oceanview Oil and Gas Limited.
They were charged with two counts of obtaining money by false pretences, amounting to N43,502,000.
Count one read, "Fatuyi Yemi Philips and Oceanview Oil and Gas Nigeria Limited, on or about September 28, 2016, in Lagos, with the intent to defraud, obtained a total sum of N43,502,000 from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited by falsely representing that they would sell $98,870.00 to WAPCIL Nigeria Limited, a representation they knew to be false."
Count two read, "Fatuyi Yemi Philips and Oceanview Oil and Gas Nigeria Limited, on or about September 28, 2016, in Lagos, stole the sum of N43,502,000, the property of WAPCIL Nigeria Limited."
However, Philips pleaded not guilty to the charges, which led to a full trial. During the trial, the prosecution, led by counsel M.S. Owede, presented several documents and called five witnesses to support the allegations.
The defence called three witnesses in response.
In her judgment on Monday, Justice Dada said that the court found the prosecution's case proven beyond a reasonable doubt.
As a result, the judge sentenced Philips to 14 years imprisonment on count one and 7 years imprisonment on count two, with the sentences to run concurrently and without the option of a fine.
The court also ordered Oceanview Oil and Gas Limited to pay a fine of N500,000 in relation to count one, and an additional N250,000 for count two, within 30 days, or face dissolution.
Furthermore, Philips and his company were ordered to make restitution in the amount of $90,202 (or its equivalent in Naira) to the victims, Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited.
The case stemmed from Philips' alleged fraudulent promise to sell $98,870.00 to WAPCIL Nigeria Limited, after receiving N43,502,000 from Elochukwu Okoye and Elebana Unique Ventures on their behalf.
Philips failed to deliver either the Naira or dollar equivalent to the complainants.