- The EFCC accused Philips of obtaining N43,502,000 under false pretences and filed charges against him alongside Oceanview Oil and Gas Nigeria Limited.
One Fatuyi Yemi Philips, a businessman, has been sentenced to 21 years’ imprisonment for N43.5m fraud.
Philips was convicted and sentenced by a Lagos Special Offences Court sitting in Ikeja, on Monday.
the convict who, until his conviction, was Chairman of the Natural Oil and Gas Suppliers Association of Nigeria, was arraigned on two counts.
The presiding judge, Justice Mojisola Dada, handed down the sentence after finding Philips guilty of the two counts brought against him by the Economic and Financial Crimes Commission.
The EFCC 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.
According to The anti-graft agency, Philips and Oceanview Oil and Gas Nigeria Limited committed the offences on September 28, 2016, in Lagos State.
The EFCC said 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, and the trial commenced.
During the trial, the prosecution, led by the EFCC counsel, O.S. Owede, called five witnesses including a Bureau De Change operator, Musa Mohammed, who testified that in September 2016, Philips gave him the sum of $40,000 in cash to exchange.
After the prosecution closed its case on March 30, 2023, the case was adjourned for the defence to open its case.
On June 16, 2023, Philips who was led by his counsel, Olanrewaju Ajanaku, opened his defence.
He claimed he had given $100,000 to one Olumide Adegbite in exchange. He alleged that Adegbite promised to secure a preferential rate through connections at the Central Bank of Nigeria.
During Philips’s testimony, drama ensued when the prosecution counsel, Owede, objected and informed Justice Dada that the convict was reading from a prepared script.
The paper from which Philips had written account numbers and figures was presented to the court but Justice Dada allowed him to continue using the document.
After two hours of testimony, the defence concluded its case.
In her judgment, Justice Dada held that the prosecution had proved 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 adding that the sentence will run concurrently.
Justice Dada also noted that Philips did not pay the naira equivalent of the funds to the nominal complainant, and remarked that the case could not be prolonged further.
She declared that the sum of $8,000 recovered from the convict during the investigation did not absolve Philips as he had remained unrepentant.
In her words: “Philips never had the intention of giving the nominal complainant the naira equivalent of the dollar.”
Justice Dada ordered Philips to restitute the full sum of N43.5m to the nominal complainant within 90 days of the judgment.
She also 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 deadline or face liquidation
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