RESPITE FOR ONTARIO OIL BOSS WALTER WAGBATSOMA AS NIGERIAN COURT STRIKES OUT CASE AGAINST HIM

Walter Wagbatsoma

Respite seem to have come the way of billionaire oil and gas dude Walter WAGBATSOMA, who until his misfortune was one of the big boys in Nigeria and in the sector. Walter is the jailed boss of Ontario Oil Ltd, one of Nigeria's top players in the oil and gas sector who was sent to jail a few weeks back in London, UK for sundry issues.

He had fallen on the wrong side of the law in Europe, after leaving Nigeria and was arrested in Germany and had to face prosecution in the United Kingdom, with loads of others at the end of which he was sentenced to 3 and half years in prison, just like many of his co-business people in the UK.

Though he had claimed innocence in the case used to jail him in the UK, he was still convicted and sentenced to jail.

According to his defence then, he had obtained hard currency in multiple transactions to the tune of £400,000 from a Nigerian money changer based in Dubai, the UAE in exchange for Naira, apparently the Pounds he was given was part of the proceeds from the NHS Trust fund fraud perpetrated by the money changer and co-conspirators. So he was convicted and sentenced with others for stealing £12 million Pounds from the NHS. He is planning to appeal his conviction and sentence soon.

So just yesterday in Nigeria, a court of competent jurisdiction, in fact 2 courts, the Appeal and the Supreme Court at that which had sat to decide his culpability in the cases before them, struck out the case, discharging and acquiting him and others with him.

The High Court last year in the case presided over by Justice Lateefa Okunnu had found Walter Wagbatsoma, the Executive Vice Chairman of Ontario Oil, Adaoha Ugo-Ndaji and Company guilty of Subsidy fraud to the tune of ₦1.9 billion so apart from being sentenced, they were ordered to repay the FG money to the tune of ₦754 million Naira.

But yesterday, Friday, February 9, 2018 the Court of Appeal in Lagos discharged and acquitted Walter, Adaoha who was alealre serving the sentence and Ontario in the fraud suit Instituted by the EFCC. Not yet done, the highest court in the land, The Supreme Court in a seperate ruling tagged the "NO SUBMISSION CASE" appeal, set aside the rulings of the High Court, saying that Walter Wagbatsoma, and the executives of Ontario and the Company herself didn't get a fair trial which led to their convictions and sentencing.

So with this acquital, there is obviously a silver lining in the dark clouds that had surrounded the man many had always referred to as a perfect gentleman and one with a very large heart, who could do anything or go to any length for his friends. Many are hoping that with the discharge and acquital in Nigeria, which had already settled a case of "double jeopardy" which was already looming before, his appeal in London whenever it comes up would also vindicate him and that if all things go well he might soon be enjoying once again the embrace of his love ones and friends. 

WALTER WAGBATSOMA GETS SLAMMED IN LONDON FOR 3 YEARS!

Walter WAGBATSOMA

Most often it's far better to stay at home and weather the storm, then to jump ship thinking one has escaped then you get swamped where you have gone and then the hammer falls and you can't escape no more.

One that tasted that kind of soup before was none other than the former very influential Governor of Delta State and ex-felon James Onanefe Ibori, who had escaped Nigeria to Dubai, the UAE only to get extradited to the UK to face the long arm of the law and then be dumped in Jail for several years for what he could probably have escaped in Nigeria if he had stayed put!

Facing the slammer/jail for 3 years and 6 months now, after being convicted on money laundering charges in far away London in the United Kingdom is none other than oil and gas magnate and big boss at Ontario Oil, it's none other than Mr. Walter WAGBATSOMA!

Not only would he be wearing the designer outfits made specifically for prisoners in the UK, he his also disqualified from being a company director for 6 years!

According to the gist, funds obtained fradulently in the UK were first laundered through a Dubai account under the control of a UK national by name Oluwatoyin Allison, who was tried and convicted in absentia and sentenced to 7 years in the slammer. From Dubai, the funds were subsequently transferred to Walter's UK account!

Oluwatoyin Allison was just one out of many that were involved in this crime of money laundering and fraud, a 13th defendant was also convicted recently too by the Leicester Crown Court.

The investigation into the case was conducted by Lincolnshire Police Economic Crime Unit under Operation Tarlac, in which over £12m was defrauded from public bodies including hospital trusts, housing associations and councils around the UK.

Walter Wagbatsoma, 47, was originally detained on an European Arrest Warrant in June 2016 whilst travelling through Germany. He was extradited soon afterwards and charged with conspiring with others to launder the proceeds of fraud through his business interests in the UK.

Wagbatsoma, was on trial in Nigeria at the time of his arrest for his part in a £1.9 billion oil subsidy fraud for which he was later convicted and sentenced in absentia to 10-years imprisonment in January last year.

This is the third criminal trial for this operation and follows the successful conviction of 12 other defendants in the investigation which began with a complaint of fraud from Lincolnshire Partnership Foundation Trust in September 2011, in which £1.28m was fraudulently obtained by the gang. Subsequently, a further 20 linked offences was identified resulting in losses of up to £12.6m.

After a four-year investigation, those convicted have received prison sentences in excess of 50-years and proceedings are underway to recover the gains of the conspiracy under the Proceeds of Crime Act. This is to make sure that victims can in some way be recompensed for what the Judge described as a “sophisticated and widespread fraud in its conception and execution.”

Deputy Chief Constable Craig Naylor said: “For a small force, this investigation shows that officers in our Economic Crime department have shown real endeavour and determination in investigating what is a huge money laundering and fraud offence.

“Operation Tarlac has now seen thirteen individuals given lengthy prison sentences for their part in an international offence, which has had a national impact on public bodies in the UK. As a force, we have achieved a significant impact against organised crime in this investigation and this shows the hard work by our officers.

“Proceedings are now underway to recover a large amount of money, and I want to personally thank partners for their support and co-operation with us in this investigation and congratulate my officers and staff on a job well done.”

WALTER WAGBATSOMA: THE CAT WITH 9 LIVES

WALTER WAGBATSOMA ON THE LEFT

For those who know Walter Wagbatsoma, he needs no introduction whatsoever. But for those who might have only heard the name before, but who don't know the legend behind the mask, Walter Wagbatsoma is the enigma behind Ontario Oil & Gas & the company's Executive Vice-Chairman. And a certified billionaire many times over. 

He is one of the biggest players in the oil and gas sector of the economy as we speak presently, that he has done well for himself from very humble beginnings as a banker is like stating the very obvious.  He loves to be in the background, and that's because he is not the loud type, but his legend goes before him, if not for the recent subsidy investigation, where his company was one of those under investigation, he would have continued to live under the radar. The only other thing known about him is that he loves to sip that special cognac at the Southern Sun, said to cost about #2.2 Million per bottle. Those who know him well attest to the fact that he is a man of means, who is also very generous to those around him. 

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