Report: Jeffrey Epstein showed interest in Nigeria’s oil sector but backed out over fraud fears
Report: Jeffrey Epstein showed interest in Nigeria’s oil sector but backed out over fraud fears
Jeffrey Epstein, the late American financier, once explored opportunities in Nigeria’s crude oil trade but ultimately withdrew over concerns about potential fraud, according to a report by OilPrice.com, an energy news platform.
The report cited a 2010 email exchange between Epstein and a contact identified as David Stern.
Epstein’s interest in Nigeria’s oil and gas sector may come across as a plot twist in his child abuse and sex trafficking saga, which has garnered global interest under the ‘Epstein files’ probe in the United States (US).
In the correspondence, OilPrice said the two individuals discussed the mechanics of lifting Nigerian crude oil, including the complexities of dealing with Nigeria’s national oil company, now known as the Nigerian National Petroleum Company (NNPC) Limited.
According to the report, Epstein developed reservations about the risks associated with the transaction structure and feared being defrauded.
While there is no indication that any transaction was concluded, the emails reportedly show that the American financier took a keen interest in Nigeria’s oil market, Africa’s largest crude-producing sector.
Epstein, who died in 2019 while awaiting trial on federal sex trafficking charges in the US, was a financier who cultivated relationships with high-profile business executives, politicians, and academics.
Though he presented himself as a wealth manager to billionaires, the precise source of his fortune remained unclear for years.
He first faced investigation in 2005 over allegations of sexually abusing minors, and, in 2008, pleaded guilty to procuring a minor for prostitution under a controversial plea agreement in Florida.
Epstein was arrested again in 2019 on federal charges of sex trafficking minors, but died in a Manhattan jail cell before trial.
Following his death, thousands of court filings, emails, and related documents — often referred to as the ‘Epstein files’ — have continued to surface, shedding light on his global network of financial and political contacts.
The Oilprice’s report suggests that Nigeria’s oil market was among the commercial interests Epstein explored during his years of international financial dealings.
Nigeria’s oil industry has faced longstanding scrutiny over transparency and revenue management.
Many cases of malfeasance have also been reported in the industry, including the Malabu oil deal scandal, one of the most controversial corruption cases in Nigeria’s oil and gas sector.
The former Nigerian National Petroleum Corporation (NNPC) was restructured in 2022 under the Petroleum Industry Act (PIA) 2021, transitioning into the NNPC Limited with a mandate to operate as a commercially driven entity.
Authorities have said reforms under the new framework will strengthen governance and accountability in the sector.
