An Ikeja Division of the Lagos High Court has convicted Rowaye Jubril and his company, Brila Energy Ltd, on 13 counts of fuel subsidy fraud.
Justice Lateefa Okunnu sentenced Jibril to 10 years in prison, and made an order of restitution for his company to refund N963.7 million to the Nigerian government.
The defendants were first arraigned by the Economic and Financial Crimes Commission (EFCC) in November 2012.
The conviction comes weeks after the judge convicted Walter Wagbatsoma, Adaoha Ugo-Ngadi, and their company, Ontario Oil and Gas, for fuel subsidy fraud.