The Chairman of Ontario Oil and Gas Limited, Walter Wagbatsoma and the Managing Director of the company, Adaoha Ugo-Nnadi, have been sentenced to 10 years imprisonment for fuel subsidy fraud.
Justice Lateefa Okunnu of the Lagos High Court in Ikeja said the sentence started counting from from January 13, 2016.
The judge also ordered Ontario Oil and Gas to refund N754 million being the amount it defrauded to the Nigerian government.
The Economic and Financial Crimes Commission, EFCC, had arraigned Wagbatsoma, Ngo-Ngali, and an official of the Petroleum Products Pricing and Regulatory Agency, Babafemi Fakuade, before the court on August 1, 2013.
EFCC, in the eight counts pressed against them, alleged that they were involved in a N1.9bn fuel subsidy scam.