Nigerian Man Jailed for $1 Million Oil Scam, Loses Multi-Million Naira Assets

By Diafa Doubra,

A Federal High Court sitting in Abuja has convicted a Nigerian identified as David Udensik, popularly known as Dr. Jacob Bello, for defrauding a U.S.–based energy firm of $1 million through a fake crude oil deal. The court also ordered the forfeiture of several properties linked to the convict, estimated to be worth hundreds of millions of naira.

According to court documents, Udensik deceived the foreign company by presenting forged documents that appeared to be issued by the Nigerian National Petroleum Company Limited (NNPCL) and other government agencies. He allegedly used these fake papers to pose as an intermediary for oil sales, diverting the funds into his personal and corporate accounts.

Justice Emeka Nwite, who delivered the judgment, described the evidence against the accused as overwhelming and said the conviction should serve as a warning to others involved in international financial crimes. The Economic and Financial Crimes Commission (EFCC) confirmed that all proceeds of the crime, including houses and vehicles, will be seized and handed over to the Federal Government.