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£14m Fraud: UK Court Jails Ontario Oil & Gas Boss Walter Wagbatsona

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By Dipo Olowookere

A court in the United Kingdom has sentenced Chairman of Ontario Oil & Gas Limited, Mr Walter Wagbatsona, to three and half years in prison.

The Nigerian oil magnate was convicted by a Leicester Crown Court after he was found guilty of conspiracy to launder money in an international fraud and money laundering.

Mr Wagbatsona was earlier last year sentenced in absentia to 10 years imprisonment by a Nigerian court for his part in a £1.9 billion oil subsidy fraud.

In June 2016, whilst travelling through Germany, the convict was detained on a European Arrest Warrant and was extradited soon afterwards and charged with conspiring with others to launder the proceeds of fraud through his business interests in the UK.

The Lincolnshire Police Economic Crime Unit under Operation Tarlac, which investigated him, said Mr Wagbatsona was involved in fraud of over £12 million (about £13.88 million).

He was said to have defrauded public bodies including hospital trusts, housing associations and councils around the UK.

The 47-year-old Nigerian was said to have fraudulently obtained funds in the UK and 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.

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 £1.28 million was fraudulently obtained by the gang. Subsequently, a further 20 linked offences was identified resulting in losses of £12.6 million.

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.”

Apart from the 3 years and 6 months imprisonment sentencing handed over to Mr Wagbatsona for his part in the crime, he has also disqualified from being a company director for 6 years.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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DAPPMAN Faults Dangote’s Suit to Halt Fuel Imports

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DAPPMAN Oil Marketers

By Adedapo Adesanya

The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has kicked against a lawsuit filed by the Dangote Petroleum Refinery to invalidate fuel import licences issued by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

Last week, the refinery asked the Federal High Court in Lagos to void import permits granted by the NMDPRA to fuel importers.

The marketers said it would not fold its arms and allow its depots to go into extinction through a court ruling, arguing that the licences being challenged were not mere administrative favours but legal instruments issued under the PIA to guarantee the country’s fuel supply security.

The development followed the recently issued import license by the NMDPRA to six Nigerian oil marketers to bring in over 600,000 metric tonnes of petrol into the country.

Since the 650,000 barrels-per-day refinery began supplying petroleum products to the local market, Dangote has repeatedly argued that continued issuance of fuel import licences to marketers undermines domestic refining, weakens investment incentives, and encourages dependence on imported products despite existing local capacity.

The refinery already handles 90 per cent of the domestic supply.

In the statement, the marketers maintained that the NMDPRA acted within its statutory powers in approving the licences, stressing that the regulator’s responsibility was to ensure uninterrupted product availability for Nigerian consumers and not to protect the commercial interests of any single refinery, regardless of its size.

The association stated that its members had invested billions of naira in petroleum depots, logistics systems, and compliance infrastructure based on the understanding that the licences granted to them were lawful, valid, and protected under the law.

According to the marketers, any attempt to retroactively void those approvals would create uncertainty across the downstream petroleum sector at a time when stability in fuel supply remains critical.

“The news that Dangote Petroleum Refinery has filed a fresh lawsuit seeking to set aside fuel import licences issued by the NMDPRA to marketers and the NNPC demands a clear response from this association.

“The import licences at the centre of this lawsuit are not administrative courtesies. They are the legal instruments through which Nigeria’s fuel supply chain functions. They were issued under a regulatory framework established by the Petroleum Industry Act, by an authority empowered to make exactly this kind of determination. The NMDPRA has consistently maintained, correctly, that these licences exist to protect supply security, not to disadvantage any single producer, however large.

“DAPPMAN’s member companies have invested billions of naira in depot infrastructure, logistics networks, and compliance systems on the basis that their operating licences are valid, lawful, and durable. A legal action designed to retroactively void those licences does not just affect individual businesses, it introduces uncertainty into the entire downstream supply chain at a moment when Nigeria can least afford it,” the association maintained.

It added that the NMDPRA had consistently defended the issuance of import permits as necessary tools for safeguarding national supply, insisting that the position had previously been upheld in court and should continue to stand.

DAPPMAN rejected what it described as the underlying argument that a private refinery’s commercial interests should supersede the statutory mandate of the regulator.

It further warned against any attempt to turn Nigeria’s downstream petroleum industry into a monopoly, arguing that the market had evolved over many years into a multi-player system serving millions of Nigerians daily.

The association disclosed that it would engage legal counsel, work with affected member companies, and make formal representations to the relevant authorities over the matter.

“We respect Dangote Petroleum Refinery’s right to pursue legal remedies. What we do not accept is the premise that a private refinery’s commercial interests should override a regulatory authority’s mandate to ensure adequate supply to Nigerian consumers.

“The PIA is clear: import licences may be issued where the regulator determines it necessary. That determination has been made. It has been defended in court before. It should be defended again.

“Nigeria’s fuel market is not a monopoly waiting to happen. It is a competitive, multi-participant market that has taken years to build and that serves millions of Nigerians every day. DAPPMAN will be engaging legal counsel, coordinating with affected member companies, and making formal representations to the relevant authorities on this matter,” the statement added.

The group argued that the strength of Nigeria’s downstream sector lies in the participation of multiple operators, warning that efforts aimed at shrinking the number of market participants would ultimately hurt consumers through reduced competition and supply vulnerabilities.

According to DAPPMAN, “A lawsuit that seeks to reduce that field of players is ultimately a lawsuit against Nigerian consumers,” adding, “Our members did not build this industry to watch it be argued out of existence in a courtroom,” emphasising its commitment to continually serve Nigerians.

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Lolu Akinwunmi, Iquo Ukoh to Co-chair 2026 CMO Circle

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2026 CMO Circle

By Modupe Gbadeyanka

The duo of Lolu Akinwunmi and Iquo Ukoh will co-chair the 2026 Chief Marketing Officers Circle (CMO Circle), slated for June 5, 2026, with the theme The C-Suite Mandate: Talent Density and Marketing Leadership.

The invitation-only forum for CMOs and senior marketing leaders will bring together the most influential voices in marketing to shape strategy at the highest levels of business and public policy.

As Co-Chairs, Akinwunmi and Ukoh will curate and lead high-level discussions focused on innovation, talent density, enterprise growth, and the expanding mandate of the CMO within the C-suite. Their stewardship reinforces the Circle’s role as a convening authority—one that not only reflects industry thinking but actively defines it.

Akinwunmi, Group CEO of Prima Garnet (Ogilvy Nigeria), brings decades of experience advising leading national and multinational brands, alongside a distinguished record of industry leadership.

Ukoh, Chief Executive Officer of Entod Marketing and former Director of Marketing Services at Nestlé Nigeria, is widely regarded for her leadership in brand strategy, consumer engagement, and cultural storytelling.

Convened by MarkHack in partnership with StatiSense and Brand Communicator, the CMO Circle operates at the intersection of enterprise leadership and national development. Beyond dialogue, the Circle institutionalises its influence through the quarterly CMO Index. This flagship publication aggregates executive sentiment, market intelligence, and forward-looking insights to inform policy conversations and economic decision-making. In doing so, the Circle positions marketing leadership as a critical voice in shaping Nigeria’s business environment and policy direction.

“The CMO Circle is intentionally designed as a premium, outcomes-driven platform—one that moves marketing leadership beyond the boardroom into the sphere of policy influence.

“With Iquo Ukoh and Lolu Akinwunmi as Co-Chairs, we are setting a clear tone of authority, depth, and relevance. Through the CMO Index and our quarterly convenings, the Circle will play a defining role in shaping both industry direction and policy dialogue,” the convener of CMO Circle, Mr Victor ’Gbenga Afolabi, stated.

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Court Grants El-Rufai N100m Bail in DSS Case 

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nasir el-rufai icpc

By Adedapo Adesanya

Justice Joyce Abdulmalik of the Federal High Court in Abuja has granted bail to former Kaduna State Governor, Mr Nasir El-Rufai, in the sum of N100 million with one surety in like sum.

Delivering the ruling, Justice Abdulmalik imposed a series of stringent conditions that the defendant must meet before perfecting the bail.

The court held that the proposed surety must reside in either the Maitama or Asokoro districts of Abuja and must deposit the original Certificate of Occupancy (C-of-O) of a landed property at the court registry.

The surety is also required to be a federal civil servant not below Grade Level 17 and must provide evidence of salary payments for at least three months, authenticated by a letter from the manager of a bank within the jurisdiction of the court.

The court further ordered the surety to depose to an affidavit of means, enter into a bail bond, and submit a recent passport photograph to the court registry.

As part of the bail conditions, Mr El-Rufai is to deposit all valid international passports with the court registry.

The court also directed that a verification letter from the surety’s immediate department be submitted, alongside a tax clearance certificate covering the last six months.

Justice Abdulmalik further ordered the defendant to report to the headquarters of the Department of State Services every last Friday of the month by 10 a.m. to sign an attendance register pending the determination of the case.

The judge warned that failure to comply with the conditions would lead to an automatic revocation of the bail.

The court additionally directed the defendant to submit a letter of attestation from the Chairman of the Kaduna Traditional Council.

This comes a month after a Kaduna Court granted bail to the former Minister in a corruption case filed by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) over charges related to alleged corruption and abuse of office during his tenure in the North-Western state from 2015 to 2023.

He was alleged to have abused his office and to have intended to commit fraud and confer undue advantage, which were alleged against the opposition politician.

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