UPDATE: Billionaire arrested for money laundering in UK convicted for fraud in NigeriaA Nigerian billionaire, Walter Wagbatsoma, has been convicted of fraud by a Lagos court.

Adaoha Ugo-Nnadi, convicted alongside Mr. Wagbatsoma for fuel subsidy fraud, fainted in the dock Friday as the judge began to read the sentence for her conviction forcing the proceedings to be rescheduled to Monday.

Mrs. Ugo-Nnadi, Mr. Wagbatsoma, and their company, Ontario Oil and Gas, were convicted on an eight-count amended charge of fuel subsidy fraud before the Ikeja Division of the Lagos High Court.