Lagos Court convicts Walter Wagbatsoma and Adaoha Ugo-Ngadi of Subsidy Fraud

A Lagos High Court on Friday has convicted Walter Wagbatsoma and Adaoha Ugo-Nnagi on an eight count charge of subsidy fraud.

Walter Wagbatsoma and Adaoha Ugo-Nnadi were convicted alongside their company, Ontario Oil and Gas.

The third defendant, Babafemi Fakuade, was, however, discharged and acquitted.

Justice Lateefa Okunnu of the Lagos State High Court, Ikeja had only yesterday delivered judgement in a N1.9 billion oil subsidy theft charge brought against Walter Wagbatsoma, Adaoha Ugo- Ndagi and Ontario Oil & Gas Limited by the Economic and Financial Crimes Commission, EFCC.

They were alleged to have on July 7, 2010 obtained the sum of N340 million by false pretence from the Federal Government purporting the money to be subsidy payable to Ontario Oil and Gas Nigeria Limited.

The offence is among several others brought against them by the EFCC in a case of conspiracy, obtaining property by false pretence, forgery and altering of documents.

Justice Okunnu had earlier dismissed all three applications filed on behalf of Walter Wagbatsoma, Adaoha Ugo-Ngadi and their company, Ontario Oil and Gas Nigeria Limited, challenging the jurisdiction and competence of the lower court as well as a no-case submission, argued by the defendants.

Their attempt to also use the Court of Appeal to stop their trial also failed.

In a lead ruling delivered by Justice Amina Augie, on April 30, 2015, the appellate court again dismissed their applications to stop the trial, by affirming the jurisdiction of the lower court, and ordered him and others to “go and face trial”.