Justice Lateefa Okunnu, in a judgment on Thursday, sentenced Jubril to a jail term of 10 years for the fraud.
She said the jail term would commence from Thursday.
The judge also ordered the convicts to make restitution to the Federal Government by refunding the N963.7m, which they fraudulently obtained as subsidy on the false claim that they imported 13,500 metric tonnes of Premium Motor Spirit into the country.
The convicts had fraudulently obtained the money under the Federal Government’s Petroleum Support Fund between October 2010 and May 2012.
After uncovering the fraud, the EFCC dragged the oil marketer and his company to court on
November 2012 and arraigned them on 13 counts bordering on conspiracy, obtaining money by false pretext, forgery and use of false documents.
The anti-graft agency had told the judge that Jubril and his company acted contrary to Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act of 2006.
They were also said to have contravened sections 467 and 468 of the Criminal Code Laws of Lagos State 2003.
In her judgment on Thursday, Justice Okunnu found the oil marketer and his company guilty as charged by the prosecution.
The judge sentenced them to 10 years jail term on count one.
She sentenced them to eight years jail imprisonment on each of count two to 13.
She, however, held that the sentences would run concurrently.
The conviction and sentencing of Jubril and his company came barely two months after Justice Okunnu convicted the Managing Director of Ontario Oil and Gas Limited, Mrs. Ada Ugo-Ngali, and sentenced her to a jail term of 10 years for a fuel subsidy fraud of N754m.
Also convicted were the Chairman of Ontario Oil and Gas Limited, Walter Wagbatsoma, and the company itself.