Court Finds ‘Dr Jacob Bello’ Guilty of Forgery, False Pretence and Money Laundering in $1m Oil Scam
The Federal High Court, Abuja, has convicted David Udensik, also known as Dr. Jacob Bello, for his role in a transnational crude oil fraud scheme valued at over USD $1 million.
According to a statement issued by the Nigeria Police Force (NPF) on Tuesday, the conviction followed a petition by a United States–based energy company alleging that Udensik defrauded it under the guise of facilitating legitimate crude oil transactions in Nigeria.
The Force Public Relations Officer, CSP Benjamin Hundeyin, disclosed that investigations by operatives of the National Cybercrime Centre (NPF‑NCCC) revealed that between 2018 and 2023, Udensik operated a coordinated criminal network. He was found to have forged documents purportedly issued by the Nigerian National Petroleum Company Limited (NNPC Ltd.) and other regulatory agencies to deceive the victim company.
Forensic analysis confirmed that the documents, seals, and authentication materials used in the transactions were fraudulent. Funds traced from the scheme were allegedly diverted into accounts controlled by Udensik and his accomplices.
Delivering judgment on October 22, 2025, the court found Udensik guilty of forgery, obtaining by false pretence, and money laundering. The court further ordered the forfeiture of assets worth several hundreds of millions of naira, including real estate and other properties acquired from the proceeds of crime, to facilitate restitution to the victim company.
Hundeyin noted that the Inspector‑General of Police, Kayode Egbetokun, commended the officers involved in the investigation and prosecution, reaffirming the Force’s commitment to safeguarding Nigeria’s corporate integrity and ensuring that cyber‑enabled financial criminals are brought to justice, regardless of status or location.
This conviction underscores the Police Force’s ongoing clampdown on cyber‑enabled financial crimes and transnational oil fraud, which have plagued Nigeria’s reputation in the global energy market. Over the past decade, several foreign firms have fallen victim to similar schemes involving forged crude oil sale documents and impersonation of government officials.
