Chairman, 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 N43.5m 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.
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 Crimes Commission also stated that the convict obtained the aggregate sum of N43,502,000 from one Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited under the false representation that he would sell WAPCIL Nigeria Limited $98,870, a representation he knew to be false.
He was also accused of stealing the sum of N43,502,000, property of WAPCIL Nigeria Limited.
However, Philips pleaded not guilty.
Justice Dada however held that the prosecution had proved its case beyond a reasonable doubt.
She found Philips guilty and sentenced him to 14 years in prison for count one and seven years for count two adding that the sentence will run concurrently.
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