Admin l Thursday, April 28, 2022
LAGOS, Nigeria – A Special Offences Court sitting in Ikeja, Lagos has granted bail to Fatuyi Yemi Philips, Chairman, Natural Oil and Gas Suppliers Association of Nigeria, NOGASA, alongside his firm, Oceanview Oil and Gas Limited, for an alleged N43 million fraud.
Justice Mojisola Dada granted him bail in the sum of N20 million with two sureties in like sum . Sureties must be resident within jurisdiction and must present three years’ evidence of tax payment. A lien was also ordered to be placed on their respective bank accounts and submit his international passport with registrar.
Fatuyi Yemi Philips, who is facing two counts bordering on obtaining money by false pretence to the tune of N43,502,000 was first arraigned by the Lagos Zonal Command of the Economic and Financial Crimes Commission, EFCC, on April 7, 2022.
Count one reads: “Fatuyi Yemi 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 from Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited under the false representation that you would sell to WAPCIL Nigeria Limited $98,870.00, a representation you knew to be false.”
Count two reads: “Fatuyi Yemi 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 of N43, 502,000.00, property of WAPCIL Nigeria Limited.”
He pleaded “not guilty” to the charges. At today’s proceeding, defence counsel, O. Ajanaku moved the bail application of the defendant dated April 7, 2022.
“We urge your lordship to admit the first defendant applicant to bail and for such other order as your lordship may make,” he said. He further argued that the defendant by the 1999 Constitution was “presumed innocent of all charges until proven otherwise”.
Opposing the bail application, counsel for the EFCC, I.N. Ubabudu, urged the Court to “dismiss the application as lacking in merit”. The case has been adjourned till June 17, 2022 for trial.
