Police secure conviction in $1m oil fraud case as court orders forfeiture of assets linked to transnational crude oil scam

The Nigeria Police Force announced on Tuesday that David Udensik, also known as Dr Jacob Bello, was convicted by the Federal High Court in Abuja for his role in a transnational crude oil fraud scheme worth over $1 million.

Also read: EFCC uncovers oil fraud in NNPCL’s financial records, foreign assets trail

According to a statement issued by the Force Public Relations Officer, ACP Benjamin Hundeyin, the conviction stemmed from a petition filed by a United States–based energy company which alleged that the suspect obtained funds under the guise of facilitating legitimate crude oil transactions in Nigeria.

Investigations by the Nigeria Police National Cybercrime Centre uncovered that between 2018 and 2023, Udensik ran a coordinated criminal network that forged documents purportedly originating from the Nigerian National Petroleum Company Limited (NNPCL) and other regulatory agencies.

These falsified materials were used to deceive the foreign firm into releasing funds.

“Forensic analyses confirmed that the documents, seals, and authentication materials presented by the suspect were entirely counterfeit,” the statement said, adding that funds were traced to multiple accounts linked to Udensik and his accomplices.

The court, presided over by the Federal High Court, Abuja, on 22 October 2025, convicted the suspect on charges of forgery, obtaining by false pretence, and money laundering.

As part of its judgment, the court ordered the forfeiture of assets valued in the hundreds of millions of Naira, including real estate and other properties acquired with proceeds of the crime.

The recovered assets will be used to facilitate restitution to the defrauded energy company.

Commending the investigation and prosecution team, Inspector-General of Police, IGP Kayode Adeolu Egbetokun, praised their professionalism and reaffirmed the Force’s commitment to safeguarding Nigeria’s corporate and financial integrity.

“The Force remains resolute in ensuring that cyber-enabled financial criminals, regardless of their status or location, are brought to justice,” Egbetokun said.

Also read: Oil marketer arraigned for allegedly defrauding customers of N100m

The conviction underscores the Nigeria Police Force’s increasing capacity to combat transnational financial crimes and signals a clear warning to fraud networks exploiting Nigeria’s energy sector.