Ontario Oil & Gas Boss, Walter Wagbatsoma Arrested By EFCC

Big player in the oil and gas sector, Walter Wagbatsoma has been arrested by agents of anti graft body, Economic and Financial Crimes Commission.

He was reportedly arrested yesterday.

More detailed report is produced as sourced.

Ontario Oil and Gas boss, Walter Wagbatsoma was arrested yesterday by agents of Economic and Financial Crimes Commission (EFCC) in connection with certain controversial deals or transactions in the nation’s oil sector during the administration of former President Goodluck Jonathan.Walter Wagbatsoma
It would be recalled that Walter enjoyed an illustrious and highly rewarding business and personal relationship with Diezani Alison-Madueke, Nigeria’s former petroleum minister who is currently the subject of an investigation and legal prosecution in the United Kingdom (UK) for charges ranging from money laundering to bribery.

Prior to his current predicament, Walter incurred the wrath of his very good friend, Diezani, sooner than anyone could imagine. His travails started shortly after his dalliance with former Minister of Aviation, Stella Oduah. Walter, who had erstwhile enjoyed a cordial and very favourable relationship with Diezani probably thought his luck had improved when he began to enjoy similar favours and an even more rewarding relationship with Stella Oduah.

The Capital findings revealed that his relationship with the former aviation minister got very cordial and even more rewarding that the latter generously awarded him very lucrative billion dollar contracts to renovate the nation’s airports.

Diezani didn’t find this funny at all and that was because she and Oduah, Walter’s newfound benefactor, were not on good terms. In fact, it was an open secret on the corridors of power then that there was no love lost between the two women and the Diezani considered it an affront for Walter to have pitched tent with Oduah, just like he did with her.

Consequently, she severed contact with him and cancelled all existing business deals with the Ontario Oil and Gas boss in a move described as a calculated attempt to cut Walter to size and teach him a lesson in loyalty and power. More devastatingly, Walter became the subject of an investigation by the EFCC.

A witness for the agency told a court that Walter and his colleagues, Adaoha Ugo-Ndagi, Fakuade Babafemi, Ezekiel Ejide and their firm, Ontario Oil and Gas Limited, received payment in excess of N414 million by filing fraudulent fuel importation claims. The suspects are part of numerous fuel marketers standing trial for allegedly defrauding Nigeria by forging documents that enabled them to receive fuel subsidy payments from the Petroleum Support Fund (PSF).

Notwithstanding the inquisition launched against him by the EFCC, the loss of lucrative oil deals and friendship with the petroleum minister, Walter maintained a stiff upper lip and carried on as if he was at peace with his lot. However, he moved his family to Geneva and subsequently changed his company name thus betraying his loss of calm and submission to jitters over his perceived witch-hunt by his estranged benefactor. Unfortunately for him today, he was arrested for questioning as one of the few men that misappropriated Nigeria’s oil proceeds via shady deals and transactions that characterized the oil sector during the immediate past administration. Walter had not been released or considered for bail at press time.

the capital