Ontario Oil Boss, Wagbatsoma has been sentenced to 10 years in prison Over Fuel Subsidy Fraud

Mr. Walter Wagbatsoma, the Chairman of Ontario Oil and Gas Limited and also the Managing Director of the oil company, Adaoha Ugo-Nnadi, have been sentenced to 10 years imprisonment over fuel subsidy fraud.

 Justice Lateefa Okunnu of the Lagos High Court in Ikeja said the sentence started counting from January 13, 2016.

 Justice Lateefa Okunnu also ordered Ontario Oil and Gas to refund N754 million being the amount it defrauded the Nigerian government.

 The Economic and Financial Crimes Commission (EFCC) had arraigned Wagbatsoma, Ngo-Ngali and an official of the Petroleum products pricing and Regulatory Agency, Babafemi Fakuade, before the court on August 1, 2013.