Fake NNPCL Agent Convicted For $1m Fraud

The Nigeria Police Force (NPF) on Tuesday said it has secured the conviction of one Mr. David Udensik, also known as Dr. Jacob Bello, for his involvement in a transnational oil fraud scheme valued at over $1m.

The conviction came 21 months after his arrest on January 4, 2024.

Udensik’s sentencing followed a detailed investigation that began after a petition from a U.S.-based energy company accused him of fraudulently obtaining funds under the guise of facilitating legitimate crude oil transactions in Nigeria.

According to Force spokesperson, CSP Benjamin Hundeyin, operatives of the Nigeria Police National Cybercrime Centre (NPF-NCCC) acted swiftly on the petition, uncovering a complex criminal operation that spanned from 2018 to 2023.

He explained that the suspect “forged documents purportedly emanating from the Nigerian National Petroleum Company Limited (NNPCL) and other regulatory platforms to deceive the victim company.”

Hundeyin added that “forensic analyses confirmed that the documents, seals, and authentication materials presented by the suspect were entirely counterfeit.”

Investigators traced funds diverted through the scheme to several accounts linked to Udensik and his accomplices, revealing a structured network of fraud that exploited the credibility of Nigeria’s oil institutions.

Hundeyin disclosed that “following diligent investigative and prosecutorial efforts, the Federal High Court, Abuja, on 22nd October 2025, convicted Mr. Udensik on charges bordering on Forgery, Obtaining by False Pretence, and Money Laundering.”

He further stated, “The Court 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.”

Findings from the NPF-NCCC investigations indicated that Udensik was part of an organised transnational syndicate responsible for a $4m oil-sector fraud, targeting international oil trading firms across Nigeria, China, and the United States.

The syndicate, allegedly linked to Marine Gold Oil Refineries Limited, Eagle Capital Management, and Richrice International Corporation, specialised in producing forged crude oil sales documents and fraudulent investment contracts.

Police reports indicated that Udensik personally used falsified documents to defraud oil traders of $610,000, capitalising on fake affiliations with government institutions.

During the broader investigation, the NPF-NCCC also arrested Engr. Isaac Jerome Oyakhilome, Managing Director/CEO of Marine Gold Oil Refineries Limited and a Director at Richrice International Corporation.

Oyakhilome was allegedly responsible for preparing and signing counterfeit crude oil sales agreements using NNPCL’s name, orchestrating a multimillion-dollar fraud that yielded about $1.2m for his firm, which investigators discovered had no legitimate business address.

In the course of the arrests, officials recovered several exhibits, including ₦55m in cash (approximately $33,400), assets valued at ₦370m, multiple electronic devices, and a Toyota Camry vehicle.

Inspector-General of Police, Kayode Egbetokun, described the conviction as a clear demonstration of the Force’s renewed commitment to safeguarding Nigeria’s corporate reputation and dismantling cyber-enabled criminal networks.

He emphasised that the Police under his leadership remain resolute in pursuing financial offenders operating within and outside Nigeria’s borders.

Egbetokun said, “The Nigeria Police Force will continue to defend the country’s corporate integrity and ensure that cyber-enabled financial criminals, irrespective of their status or location, are brought to justice.”