Oil Magnate Slumps In Court Over N1.7 Billion Subsidy Fraud

Oil magnate Mrs Ada Ugo-Ndali slumped in the dock yesterday shortly
before she was convicted of a N1.7 billion subsidy fraud by a Lagos high
court sitting in Ikeja.

Justice Lateefat Okunnu of a Lagos high court sitting in Ikeja has found
Ugo-Ndali the Managing Director of Ontario Oil and Gas Limited
alongside the chairman of the company Mr Walter Wagbatsoma, guilty  of
the N1.7 billion fuel subsidy fraud charge preferred against him by the
Economic and Financial Crimes Commission (EFCC).

Delivering judgement in the matter yesterday, the trial judge
 discharged and acquitted the Petroleum Products  Price and Regulatory
Agency (PPPRA) representative, Fakuade Ebenezer  of allegations of
forgery.

After reading the judgement, Justice Okunnu stood the matter down for a
15- minutes break for allocutus plea by the convicted persons.

When the judge returned after the break to hear the defendant plea for
mercy at 1:15pm., the second defendant, Ada Ugo-Ndagi suddenly slumped
and fainted in the dock.When Ugo-Ngadi was finally revived, she was
breathing heavily just as  counsels were frantically calling for
 medical assistance  and an ambulance.

She was later assisted out of the court by her lawyers into a waiting black jeep which sped out of the court premises.

The development forced Justice Okunnu to adjourned sentencing of the convicts till Monday.

Wagbatsoma, Ugo-Ndagi and the oil company were charged to court on July
7, 2010 for collecting N1,7 billion from the federal government as fuel
subsidy payable to Ontario Oil and Gas Nigeria Limited.

They were arranged on an eight count charge bordering on obtaining money
by false pretence from government, forgery and altering of documents.

Delivering judgement in the matter, Justice Okunnu  said that the
convicts defrauded the Federal Government of N754million in oil subsidy
in a transactions totalling N1.7billion.

The Nation