Court Convicts Nigerian Man For $1million Oil Fraud, Orders Forfeiture Of Multi-Million Naira Properties
Court Convicts Nigerian Man For $1million Oil Fraud, Orders Forfeiture Of Multi-Million Naira Properties
The firm had accused Udensik of defrauding it under the pretext of facilitating legitimate crude oil transactions in Nigeria.
The Federal High Court in Abuja has convicted one Mr. David Udensik, also known as Dr. Jacob Bello, for his involvement in a transnational oil-related fraud scheme valued at over $1million.
According to a statement signed by CSP Benjamin Hundeyin, the Force Public Relations Officer on Tuesday, the conviction followed a detailed investigation by the National Cybercrime Centre (NPF–NCCC) after a petition by a United States–based energy company.
The firm had accused Udensik of defrauding it under the pretext of facilitating legitimate crude oil transactions in Nigeria.
According to the statement, police investigations revealed that between 2018 and 2023, the convict operated a sophisticated criminal network that forged documents purportedly emanating from the Nigerian National Petroleum Company Limited (NNPCL) and other regulatory agencies to deceive foreign investors.
Forensic analyses conducted by the NPF–NCCC confirmed that the seals, authentication materials, and documents used in the scheme were entirely fake.
Funds traced from the fraudulent transactions were found to have been diverted into accounts controlled by Udensik and his accomplices.
Following a series of prosecutorial proceedings, the Federal High Court on October 22, 2025, found Udensik guilty on multiple charges, including forgery, obtaining by false pretence, and money laundering.
The court also ordered the forfeiture of assets worth several hundreds of millions of naira, including real estate and other valuable properties linked to the convict, to aid restitution to the defrauded US company.
