Mrs. Ada Ugo-Ngadi, the Managing Director of Ontario Oil and Gas Limited and Walter Wagbatsoma, the Chairman of the company have been sentenced to prison for 10 years for fuel subsidy fraud by Justice Lateefa Okunnu of Lagos High Court in Ikeja, Lagos.

Besides, Ugo-Ngadi was ordered to refund N754 million being the amount she defrauded the Nigerian government. Ugo-Ngadi fainted in court during her last appearance in court.

The judge said; “The defendants defrauded the Federal Government of N340million in the third quarter of 2010 and N414million in the fourth quarter of 2010. According to a forensic audit by Akintola Williams Deloitte, the defendants did not remit an excess of N754 million to the Federal Government.”

“The first defendant knowingly received the sum more than what the fourth defendant (Ontario Oil and Gas Limited) was entitled to. In my opinion, he contributed to the pretense. The second defendant is the MD of the company, she is the alter-ego of the fourth defendant and was aware of the going on of the company.”