Ada Ugo-Ngali, the managing director of Ontario Oil and Gas Ltd, was on Thursday sentenced to 10 years imprisonment by Ikeja high court for defrauding the federal government of N754 million in oil subsidy transactions.
The judge,Lateefa Okunnu handed down the verdict, the first conviction since the massive oil subsidy fraud trial allegedly perpetuated by oil marketers, began in 2012.
Walter Wagbatsoma, Ugo-Ngadi’s co-defendant and chairman of Ontario Oil and Gas Ltd, was absent in court for the judgment.
He is currently being held in the United Kingdom on charges relating to a £12 million National Health Insurance Scheme NHIS Trust fraud.
In her judgment, Okunnu sentenced Wagbatsoma and Ugo-Ngadi to a minimum of 10 years imprisonment for the six-count charge proffered against them by the Economic and Financial Crimes Commission EFCC.
The judge noted that the total sentences passed were 69 years for each of the defendants, but that the sentences would run concurrently.
“The N754 million which was defrauded by the company should be returned to the federal government.”
