An Ikeja Special Offences Court in Lagos State headed by Justice Mojisola Dada on Monday sentenced Philips Fatuyi, ex-Chairman of the Natural Oil and Gas Suppliers Association of Nigeria, to 21 years imprisonment for N43.5 million fraud.
Justice Dada said the Economic and Financial Crimes Commission proved the two-count charge against him beyond reasonable doubts.
The charges were for obtaining money by false pretences and stealing.
The anti-graft agency had charged Fatuyi alongside his company, Oceanview Oil and Gas Limited
Fatuyi, who was first arraigned on April 7, 2022, had pleaded not guilty to the charge.
But Dada held that the prosecution proved the charges against him beyond reasonable doubts, and found him culpable on all counts.
The court also held that the convict failed to pay the naira equivalent of the funds to the nominal complainant, saying the case could not be further prolonged.
She held that though $8,000 (equivalent of N12.8 million) had been recovered from the defendant during the investigation, Fatuyi had remained unrepentant.
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“The first defendant never had the intention of giving the nominal complainant the naira equivalent of the dollar,” Dada said.
She thereafter sentenced the convict to 14 years imprisonment on count one, and seven years imprisonment on count two.
The Judge sentenced Fatuyi without an option of fine and held that the sentence would run concurrently.
The court further ordered the convict to pay back the full sum of N43.5 million to the nominal complainant within 90 days of the judgment.
The judge directed the convict’s company to pay a fine of N500,000 on count one, and an additional fine of N250,000 on count two.
Dada directed the company to pay the fine within 30 days of the judgment or face winding up.
Earlier, the EFCC Prosecutor, Spiff Owede, told the court that the convict committed the offences on September 28, 2016 in Lagos.
The prosecutor stated that the convict, with the intent to defraud, obtained the aggregate sum of N43.5 million from one Elochukwu Okoye and Elebana Unique Ventures Nigeria Limited on behalf of WAPCIL Nigeria Limited under the false representation that he would sell to WAPCIL Nigeria Limited $98,870, a representation he knew to be false.
EFCC submitted that the convict stole the sum of N43.5 million, property of WAPCIL Nigeria Limited.
The prosecutor said the offences contravened Section 1(3) of the Advance Fee Fraud Act 2006, and Section 285 (1) Criminal Law of Lagos State 2011.
After EFCC presented its fifth and final witness on March 30, 2023, the prosecution closed its case.
Fatuyi thereafter opened his defence on June 16, 2023.
He told the court that he had given $100,000 (equivalent of N160 million) to one Olumide Adegbite for exchange.
According to him, Adegbite told him he had connections with the Central Bank of Nigeria and could secure a preferential exchange rate.
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