Walter Wagbatsoma and
Adaoha Ugo-Nnadi, owners of Ontario Oil and Gas Company, has been sentenced to
10 years in prison by Justice Lateefat Okunnu of the Lagos High Court Ikeja,
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.
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