The Police Special Fraud Unit (SFU), Ikoyi, Lagos, has commenced investigations into alleged multi-billion-dollar fraud in Nigeria’s oil and gas sector, sources have disclosed.
One of the cases reportedly followed a petition by an anti-corruption organisation alleging that an oil-sector contract was padded by more than $90 million.
Sources said the investigation generated pressure on the unit, including petitions against the Commissioner of Police and officers handling the case.
They further alleged that investigators rejected attempts to compromise the probe, after which a major participant allegedly resorted to blackmail and petitions to the Police Service Commission (PSC).
The development reportedly led to the invitation of the CP in charge of the SFU to the commission to explain the activities of the unit.
An NGO monitoring the matter has reportedly threatened to petition the National Assembly and the United States Senate if attempts are made to frustrate the investigation, citing alleged links between some of the companies involved and interests in the US.
Another case reportedly involves an alleged $617 million fraud linked to an indigenous oil company.
Sources said a crude production project awarded to the company in 2018 was followed by an expansion contract in the same year, despite claims that work on the original project had not commenced.
The investigation allegedly revealed that some vendors were linked to the company’s promoter, who was accused of engineering the expansion and diverting funds under the guise of a cash call. The company was also allegedly under-declaring crude production.
Meanwhile, the SFU is reportedly preparing to investigate another case involving alleged crude oil theft valued at more than $3 billion.
Sources attributed the growing number of high-value cases before the unit to the experience of Commissioner of Police Eloho Edwin Okpoziakpo, who was recently deployed to head the SFU.
The Inspector-General of Police and the SFU commissioner could not be reached for comments.
However, sources said the unit had received approval from authorities in Abuja to pursue the investigations effectively, following the IGP’s directive that officers must not suppress criminal cases regardless of pressure.
The allegations remain subject to investigation.
