A Lagos High Court in Ikeja on Friday convicted Walter Wagbatsoma, Adaoha Ugo-Ngadi and their company Ontario Oil and Gas of a N1.9 billion fuel subsidy theft charge brought against them by the Economic and Financial Crimes Commission (EFCC).
Justice Lateefa Okunnu, however, deferred sentencing till Monday after Ugo-Ngadi fainted upon hearing the guilty verdict.
A graduate of Abia State University, Uturu, where she studied banking and finance as a first degree, Ugo-Ngadi is the managing director of Ontario Oil and Gas.
A third defendant, Babafemi Fakuade, was discharged and acquitted.
The convicts had 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 the convicts 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 dismissed their applications to stop the trial, by affirming the jurisdiction of the lower court, and ordered them to “go and face trial”.
