Top oil man, Walter Wagbatsoma has finally been jailed in the United Kingdom.
The development comes as a result of his prosecution for money laundering.
He bagged a three year jail term and barred from holding position of Director in any company for six years.
Wagbatsoma is the brain behind oil and gas company, Ontario.
He is currently facing prosecution in Nigeria for related and expanded crime and was handed a weightier sentence in absentia in one of the cases against him.
He was arrested abroad as a result of the efforts of international police before his prosecution and eventual sentence by the Leicester Crown Court for conspiracy to launder money in an international fraud and money laundering investigation.
Added details of his plunge from grace to prison in a trending report with a version obtained from thecapital reads
This investigation 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 a 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.
The Nigerian businessman was today sentenced to 3 years and 6 months imprisonment for his part in the crime, he was also disqualified from being a company director for 6 years. Fraudulently obtained funds in the UK were laundered through an account in Dubai under the control of a co-conspirator Oluwatoyin Allison, a UK national who was convicted in his absence at an earlier trial in April 2017 and sentenced to seven years imprisonment. The funds were then transferred to Wagbatsoma’s account in the UK.
Wagbatsoma, an oil and gas businessman, 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 convicted and sentenced in his absence to 10-years imprisonment in January last year.