By Tunji Braimoh, Abuja

The Police Special Fraud Unit (SFU), Ikoyi, Lagos, has launched investigations into a series of alleged financial crimes involving billions of dollars in Nigeria’s oil and gas sector.

The probe was reportedly initiated following petitions from concerned citizens and intelligence reports alleging widespread fraudulent activities considered among the largest financial scandals in the nation’s petroleum industry. Investigators are examining several high-profile cases involving contract inflation, diversion of funds, crude oil theft, and revenue under-reporting.

One of the cases under investigation stems from a petition submitted by an anti-corruption organisation alleging that a contract was inflated by more than $90 million. Sources familiar with the matter disclosed that the investigation has unsettled individuals allegedly connected to the transaction, prompting attempts to frustrate the process through petitions against the Commissioner of Police overseeing the SFU and officers handling the case.

According to the sources, investigators allegedly rejected inducements offered by a key figure linked to the matter. Following the refusal, the suspect reportedly filed petitions with the Police Service Commission (PSC) and launched a campaign aimed at discrediting the officers involved. The development is said to have led the PSC to invite the SFU Commissioner of Police to provide explanations regarding the unit’s operations and ongoing investigations.

A non-governmental organisation (NGO), whose identity was not disclosed, has reportedly warned against any attempt to obstruct the investigation. The organisation is said to be considering petitions to both the National Assembly and the United States Senate, citing alleged links between some of the companies under investigation and entities in the United States. The group also reportedly argued that the PSC should focus on its statutory responsibilities relating to police welfare, promotions and discipline, while allowing investigators to carry out their duties without interference.

Sources further revealed that another major case before the SFU involves an alleged $617 million fraud linked to an indigenous oil company. The company reportedly secured a project in 2018 intended to boost crude oil production and later obtained an expansion contract despite claims that work on the original project had not commenced. Investigators are said to be examining allegations that some contractors engaged for the project were companies linked to the promoter of the oil firm and that funds were diverted through questionable cash-call arrangements.

The investigation is also focusing on allegations that the company under-reported crude oil production, resulting in substantial revenue losses to the Federal Government. Sources claimed that funds allegedly diverted from the project were shared among certain officials and corporate interests connected to the transaction.

In a separate development, the SFU is reportedly preparing to investigate an alleged crude oil theft scheme valued at more than $3 billion. While details remain sketchy, sources indicated that preliminary intelligence has already been gathered and that formal inquiries may commence soon.

Officials within the police force attributed the growing number of complex financial crime investigations being handled by the SFU to the leadership of Commissioner of Police Eloho Edwin Okpoziakpo. They described the unit as one of the Nigeria Police Force’s foremost platforms for investigating economic and financial crimes and commended ongoing efforts to strengthen professionalism, intelligence gathering and accountability within the unit.

Efforts to obtain official comments from the Inspector-General of Police and the Commissioner of Police in charge of the SFU were unsuccessful at the time of filing this report. However, sources disclosed that the unit has received the necessary authorisation from relevant authorities in Abuja to pursue the investigations. They further stated that the approval aligns with directives from the Inspector-General of Police that criminal and fraud-related cases should not be suppressed or abandoned regardless of pressure from influential individuals or organisations.