A Nigerian billionaire, Walter Wagbatsoma, has been
convicted of fraud by a Lagos court.
Adaoha Ugo-Nnadi, convicted alongside Mr.
Wagbatsoma for fuel subsidy fraud, fainted in the dock Friday as the judge
began to read the sentence for her conviction forcing the proceedings to be
rescheduled to Monday.
Mrs. Ugo-Nnadi, Mr. Wagbatsoma, and their company,
Ontario Oil and Gas, were convicted on an eight-count amended charge of fuel
subsidy fraud before the Ikeja Division of the Lagos High Court.
The minimum sentence for the crime is seven years
while the maximum is 20 years.
Mr. Wagbatsoma, the first convict, is currently
under house arrest in the United Kingdom where he is accused of money
Justice Lateefat Okunnu, however, discharged and
acquitted the third defendant, Babafemi Fakuade, an employee of the Petroleum
Products Pricing Regulatory Agency.
“The case of the prosecution against the first,
second, and fourth defendants has been proved beyond reasonable doubt and they
are convicted on each of the eight counts,” the judge said.
As soon as Mrs. Okunnu returned after a 30-minute
recess to read her sentencing, Mrs. Ugo-Nnadi, who was seated in the dock,
collapsed in a heap leaving her relatives scrambling for water to resuscitate
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