Chairman Oceanview Oil and Gas remanded in prison over N43 million fraud

IKEJA, Lagos – An Ikeja High Court presided over by Justice Mojisola Dada today remanded Chairman of the Natural Oil and Gas Suppliers Association of Nigeria, (NOGASA), Lagos Zone, Dr. Fatuyi Yemi Philips in prison custody over N43 million fraud.

He was charged alongside his company; Oceanview Oil and Gas Limited by the Economic and Financial Crimes Commission (EFCC) in Suit No ID/17098C/2021.

Fatuyi Yemi Philips was remanded in prison custody following his arraignment before the court on a two-count charge of obtaining money by false pretence contrary to Section of the Advance Fee Fraud and Fraud Relatedpl Offences, 2006 and stealing contrary to Section 285(1) of Criminal Code Law Cap 17 Vol. 2 Laws of Lagos State, 2011.

One of the counts reads: “That you, Fatuyi Philips 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 (Forty-Three Million Five Hundred and Two Thousand Naira) from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited under the false representation you would sell to WAPCIL Nigeria Limited $98,870,00 (Ninety-Eight Thousand United States of American Dollars), a representation you knew to be false.

” That you, Philips 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 N43,502,000.00 (Forty-Three Million Five Hundred and Two Thousand Naira) property of WAPCIL Nigeria Limited.

Upon his not guilty plea to the charges, the EFCC counsel S.O Daji, asked for a trial date, but the Defence Counsel who held brief for Augustine I. Ogbodo, Mr. Charles Ugbonna informed the court that the first defendant had filed application for bail on 7th April, 2022.

Lawyer to the EFCC urged the court to exercise discretion in granting the defendant’s prayer and that the application was not ripe for hearing. Justice Mojisola Dada however adjourned hearing of the bail application to 28th April, 2022.