Reports say one Rowaye Jubril and his company, Brila Energy Ltd, have been found guilty by an Ikeja Division of the Lagos High Court on 13 counts of fuel subsidy fraud.
According to the report, presiding judge Justice Lateefa Okunnu, in his ruling, on Thursday, sentenced Jibril to 10 years in prison.
His company was also ordered to refund N963.7 million to the federal government of Nigeria.
Jubril and his company were first arraigned by the Economic and Financial Crimes Commission in November 2012.
This is the second conviction secured by the EFCC in cases of fuel subsidy fraud in eight weeks.
Recall that a high court in Lagos has found Ontario Oil and Gas Company and the owners, Walter Wagbatsoma, Adaoha Ugo-Nnadi guilty of fuel subsidy scam.
There were eight count charges against them and they were found guilty of all on Friday, January 13.
Babafemi Fakuade who is the third defendant was found not guilty and duly discharged and acquitted.
The fuel subsidy saga and its partial removal during the administration of former president, Goodluck Jonathan led to massive protests especially in Lagos and Abuja.
President Muhammadu Buhari finally removed subsidy in May after a lengthy debate which increased fuel pump price from N87 to N145.