Oil Mogul, Wagbatsoma jailed in the UK for Money Laundering

Oil Mogul, Walter Wagbatsoma, who was convicted in Nigeria for involvement in the multi-billion fuel subsidy fraud under the administration of former President Goodluck Jonathan, was, on Thursday, convicted by Leicester Crown Court in the United Kingdom for conspiracy to launder money in an international fraud and money laundering investigation.
He was sentenced to a jail term of three and a half years.
The investigation, according to the Lincolnshire Police website, was conducted by Lincolnshire Police Economic Crime Unit under Operation Tarlac. It revealed that over £12million was stolen from public agencies, including hospital trusts, housing associations and councils in the United Kingdom.  The funds were then transferred to Wagbatsoma’s account in the United Kingdom.

The 47-year old Nigerian is the thirteenth defendant convicted in the trial. He was initially detained on a European Arrest Warrant in June 2016 while travelling through Germany. Shortly afterwards, he was extradited and charged with conspiring with others to launder the proceeds of fraud through his businesses in the United Kingdom. He was also barred from being a company director for six years.
Wagbatsoma, who calls himself an oil and gas businessman, was facing prosecution in Nigeria at the time of his arrest for his part in the multi-billion naira oil subsidy fraud and was sentenced, in his absence, to 10-years imprisonment last January.
Investigations by Lincolnshire Police Economic Crime Unit showed that funds fraudulently obtained in the United Kingdom were laundered through an account in Dubai. The account was controlled by an accomplice, Mr. Oluwatoyin Allison, a British citizen, who was sentenced to seven years imprisonment, in his absence, at an earlier trial in April 2017.