Police secure conviction of suspect in $1m transnational oil fraud

Police secure conviction of suspect in $1m transnational oil fraud

By James Ike

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

Force Public Relations Officer, Benjamin Hundeyin, disclosed this in a statement on Tuesday, noting that the conviction followed a petition by a United States-based energy firm alleging that Udensik obtained funds under the guise of facilitating legitimate crude oil transactions in Nigeria.

According to the statement, operatives of the National Cybercrime Centre launched an investigation which revealed that between 2018 and 2023, the suspect coordinated a criminal network that forged documents purportedly issued by the Nigerian National Petroleum Company Limited (NNPCL) and other regulatory agencies 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 stated.

Udensik was subsequently arraigned before the Federal High Court, Abuja, which on October 22, 2025, convicted him on charges of forgery, obtaining money by false pretence, and money laundering.

The court also 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 aid restitution to the victim company.

Inspector-General of Police, Kayode Adeolu Egbetokun, commended the investigating and prosecuting officers for their professionalism, reaffirming the Force’s resolve to safeguard Nigeria’s corporate integrity.

He further pledged that cyber-enabled financial criminals, regardless of status or location, would continue to face justice.