1.7 billion subsidy fraud, Oil magnate slumps after Judge convicted her of fraud

Oil magnate Mrs Ada Ugo-Ndali slumped in the dock yesterday shortly after the Judge of a Lagos high court sitting in Ikeja found her alongside the chairman of the company Mr Walter Wagbatsoma, guilty of N1.7 Naira billion fuel subsidy fraud charge. Mrs Ada Ugo-Ndali is the Managing Director of Ontario Oil and Gas Limited.

When Mrs 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.

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

They were charged to court on July 7, 2010 for collecting 1,7 billion Naira from the federal government as fuel subsidy payable to Ontario Oil and Gas Nigeria Limited.

They were arraigned on an eight count charge bordering on obtaining money by false pretense, forgery and altering of documents.

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