UK Court Jailed Fugitive Oil Tycoon Wagbatsoma For Money Laundering

FUNSHO AROGUNDADE

Nigerian fugitive oil tycoon, Walter Wagbatsoma was on Wednesday sentenced to three years and six months imprisonment for money laundering in the United Kingdom.

Wagbatsoma, 47 was also disqualified from being a company director for six years.

P.M.EXPRESS learnt that some fraudulently obtained funds in the UK were laundered through an account in Dubai, UAE 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.

According to Lincolnshire Police, following a trial at Leicester Crown Court a thirteenth defendant has been convicted of conspiracy to launder money in an international fraud and money laundering investigation.

This investigation was conducted by Lincolnshire Police Economic Crime Unit under ‘Operation Tarlac’, in which public bodies including hospital trusts, housing associations and councils around the UK were defrauded of over £12million.

Wagbatsoma 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.

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 £1.28m was fraudulently obtained by the gang.

Subsequently, a further 20 linked offences was identified resulting in losses of £12.6m.

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.”

On January 26, 2017, a Lagos High Court sitting in Ikeja had sentenced the exiled oil mogul and his staff Adaoha Ugo-Nnadi to 10 years in prison for fuel subsidy fraud.

Justice Lateefat Okunnu, who said the sentence would start to count from January 13, 2016, also ordered restitution for Ontario Oil and Gas, and asked the company to refund N754 million being the amount it defrauded the Nigerian government.

While Wagbatsoma was sentenced in absentia as he was under house arrest in the United Kingdom at the time, Ms. Ugo-Nnadi was present.