Justice Lateefa Okunnu has pronounced Mr. Walter Wagbatsoma, his company Ontario Oil and Gas and Adaoha-Ugo-Ngadi guilty of N745m fuel subsidy fraud allegation brought against them by the Economic and Financial Crimes Commission, EFCC.
The court however discharge one Babafemi Fakuade who was charge along with them.
After an initial 15 minutes break before hearing the plea for mercy, the judge stood down the matter till 1:15pm.
Wagbatsoma was arraigned before Justice Lateefa Okunnu alongside Adaoha Ugo-Ngadi, Babafemi Fakuade and Ontario Oil and Gas Ltd on a nine-count charge bordering on fraud.
Besides the fuel subsidy trial, the oil magnate was recently arrested in Germany over his involvement in an alleged money laundering in a multi-million pound fraud.
His is currently been detained in the UK where he is expected to face trial.