N754 Fraud: Ontario Oil MD, Ugo-Ngadi Jailed 10 Years

Convicted fuel subsidy fraudsters Mrs. Ada Ugo-Ngadi, Managing Director of Ontario Oil and Gas Limited and Walter Wagbatsoma, the company’s chairman, were yesterday sentenced to 10 years imprisonment  by Justice Lateefa Okunnu of the Lagos High Court for defrauding the Federal Government of N754 million in oil subsidy claims.

The Economic and Financial Crimes Commission (EFCC) had arraigned the convicts before the court on August 1, 2013 alongside Mr. Babafemi Fakuade, an official of the Petroleum Products Pricing and Regulatory Agency (PPPRA) on charges of forgery, conspiracy and altering of document to commit fuel subsidy fraud.

The judge however, found Fakuade not guilty and acquitted him on the charges.

Justice Okunnu in her judgment today sentenced Wagbatsoma and Ugo-Ngadi to a minimum of ten years in prison for the six-count charge proffered against them by the EFCC.

“For each of the counts of conspiracy to obtain money by false pretences the defendants are sentenced to ten years in prison.

“For the count of conspiracy to commit forgery, the defendants are sentenced to seven years in prison

“For the of offence of forgery, the defendants are sentenced to eight years in prison,” Okunnu said.

The Judge noted that the sentence passed was a total of 69 years for each of the convicts but the sentence was to run concurrently.

In the course of pronouncing judgment on Ontario Oil and Gas Limited, Justice Okunnu gave an order of restitution for Ontario Oil and Gas Limited to return N754million to the Federal Government.