Billionaire Oil Man, Walter Wagbatsoma Has A Case To Answer In N1.2b Subsidy Fraud Trial Court Rules

The N1.2billion fuel subsidy fraud trial against billionaire oil man, Walter Wagbatsoma and his accomplices continues an Ikeja High Court has ruled.

The connected oil dealer had attempted untangle himself from the mess with a no case application submission by his lawyers.

But the court presided over by Justice Lateefat Okunnu dismissed the action.

And ruled there are sufficient evidence established against them according to News Agency of Nigeria.

Wagbatsoma, Adaoha Ugo – Ndagi and Fakuade Babafemi, a staffer of the Petroleum Pricing Regulatory Authority (PPPRA) must now continue with the case.

Another individual, Ezekiel Ejidele was however discharged on grounds there are no sufficient evident linking him to the crime.

Wagbatsoma, Ugo – Ndagi and Fakuada faces Economic and Financial Crimes Commission charges of importing 12.4 million litres and 10 million litres of petrol (PMS) in two transactions between July and November 2010.

They are said to have received subsidy payment for 19million litres and 15 million litres by forging shore tank certificate.

Babafemi the PPPRA staffer that was supposed to oversee the discharge of the product, reportedly failed to do so – and later appended his signature on the certifcate used to perpetrate the alleged fraud.

Based on the court ruling of Friday October 10 2014, the Watgbatsoma and accomplices opens their defence on the next adjournment on Wednesday November 26 2014.