Update! Court sentence Walter Wagbatsoma, Adaoha Ugo-Nnadi, to 10 years in prison for subsidy crimes

Justice Lateefat Okunnu of the Lagos High Court Ikeja, has sentenced Walter Wagbatsoma and Adaoha Ugo-Nnadi, owners of Ontario Oil and Gas company, to 10 years in prison for fuel subsidy fraud. The duo were found guilty of obtaining the sum of N754 million by false pretense from the Federal Government purporting the money to be subsidy payable to Ontario Oil and Gas Nigeria Limited.

 Delivering judgement this morning, the presiding judge ordered the accused persons and their company to refund N754 million being the amount it defrauded the Nigerian government. The judge ruled that their sentence would start counting from January 13th 2016.