Court convicts Nigerian in $1m International oil fraud case

The Nigeria Police Force has secured the conviction of one David Udensik, also known as Dr Jacob Bello, for his role in a transnational oil-related fraud scheme amounting to over $1 million.

In a statement issued on Tuesday by the Force Public Relations Officer, Benjamin Hundeyin, the police said the conviction followed a petition by a United States–based energy company, which alleged that the suspect obtained funds under the pretext of facilitating legitimate crude oil transactions in Nigeria.

“The conviction followed a petition by a United States–based energy company, alleging that the suspect obtained funds from the firm under the pretext of facilitating legitimate crude oil transactions in Nigeria,” the statement said.

It added that operatives of the Nigeria Police Force, National Cybercrime Centre commenced investigations which revealed that the suspect, between 2018 and 2023, operated a coordinated criminal network that forged documents purportedly emanating from the Nigerian National Petroleum Company Limitedand other regulatory platforms to deceive the victim company.

“Forensic analyses confirmed that the documents, seals, and authentication materials presented by the suspect were entirely counterfeit.

“Funds traced through the scheme were found to have been diverted into accounts linked to the suspect and his accomplices,” Hundeyin said.

The Force said the Federal High Court, Abuja, on 22 October 2025, convicted Udensik on charges bordering on forgery, obtaining by false pretence, and money laundering.

“The Court further ordered the forfeiture of assets valued at several hundreds of millions of Naira, including real estate and other properties derived from the proceeds of the crime, to facilitate restitution to the victim company,” the statement added.

Meanwhile, the Inspector-General of Police, IGP Kayode Adeolu Egbetokun, commended the officers involved in the investigation and prosecution for their professionalism.

“The Inspector-General of Police, IGP Kayode Adeolu Egbetokun, Ph.D., NPM, has commended the officers involved in the investigation and prosecution for their professionalism.

“He affirms the commitment of the Force to protecting Nigeria’s corporate integrity and ensuring that cyber-enabled financial criminals, irrespective of status or location, are brought to justice,” the statement partly read.(Punch)