Seeing a document never proves it is authentic, and authenticating a document never proves that the seller owns, controls or can deliver the oil. Only performance through regulated banks against original shipping documents, independent inspection that you appoint at the load port, and direct confirmation from the terminal, shipowner or issuing bank — through contact details you sourced independently — close that gap.
The baseline: how genuine sales work
Every judgement below rests on a comparison with reality. Nigerian crude is sold FOB a named terminal, in cargoes of about 950,000 barrels, priced against Dated Brent, under formal contracts, to companies that have passed demanding pre-qualification, and paid for by letter of credit.123 The detail is in how Nigerian crude oil is sold. There is no retail window, and no fee is payable to anyone to obtain a cargo.
NNPC's crude marketing division said in 2017 that scammers were behind about 98% of the documents then circulating in purported crude sales, that the only route to NNPC crude was public advertisement followed by screening, and that the corporation "doesn't do business… from hotel rooms".4 That figure was an official's description of the market at the time, not an audited statistic, and we quote it as such. In February 2026 the upstream regulator issued its own scam alert about impostors using its name.5
Documented fraud patterns
1. The "NNPC allocation", authority to sell and letter of authorisation
How it works. A seller or "mandate" claims to hold, or to represent the holder of, an NNPC crude allocation and offers Bonny Light at a deep discount, supported by letters on NNPC letterhead and documents titled "authority to sell", "authority to verify" or "authority to board".
Why it does not fit reality. NNPC's tender terms state that introductions are not entertained and that it does not deal through agents; its buyers must show US$500 million in turnover.1 In 2014 NNPC publicly disowned a circulating "letter of authorisation" that named a company as a Bonny Light off-taker.6 Real contracts are for roughly 30,000 barrels per day — about one cargo a month — not the two or three million barrels a month typical of such offers.47
What to check. Is the seller a known producer or a trader that can name its own supplier and cargo? Neither NNPC nor the regulator offers an online tool to verify an "allocation letter"; a written enquiry through their official websites is the only channel, and silence is not confirmation.
2. Advance fees: registration, licence, authentication, "activation"
How it works. Before any product is seen, the buyer is asked to pay a registration or licence fee, an "authentication fee", legal costs or travel for a signing meeting.
Why it does not fit reality. The seller of a cargo worth tens of millions of dollars does not need a few thousand dollars from the buyer. Regulatory fees are paid by licence holders to government through official portals. The regulator's 2026 notice warns that anyone who pays third parties in the hope of gaining an advantage bears that risk alone,5 and the US government's commercial guide to Nigeria notes that impersonation of government entities is prevalent.8
3. The broker paper chain: LOI, ICPO, SCO, FCO, NCNDA, IMFPA
How it works. Chains of intermediaries exchange templates — corporate offers, "irrevocable corporate purchase orders" containing the buyer's bank details and passport copies, and fee agreements citing "ICC rules 400/500/600". The paperwork creates an illusion of process; the buyer's details are harvested, or the chain ends in a fee request.
Why it does not fit reality. The International Chamber of Commerce states that instruments such as the "IMFPA" and rules numbered 400, 500 and 600 in this context do not exist and that it issues no buyer licences or blacklists.910 None of these document names appears in the Petroleum Industry Act, the regulator's export rules or NNPC's tender and contract templates.11122 Real crude is sold on the seller's general terms plus a short deal recap between principals.
This is why we do not publish fill-in templates for these documents. Our glossary explains what each term is claimed to mean.
4. "Product in tank": fake storage receipts and dip tests
How it works. Product is said to be in a Rotterdam, Houston or Fujairah terminal. The buyer receives a tank storage receipt and an inspection report, often via a cloned terminal website, and is then told the product must be moved and that the buyer must pay for tank rental or an extension.
Why it does not fit reality. The Port of Rotterdam Authority and the Dutch tank-storage association reported at least €10 million a year in known losses, fraudulent offerings worth €2.5 billion reported in 2025, and more than 1,250 fraudulent domains blacklisted.13 Their working group points out that terminals are service providers to their own contracted customers: they do not sell product and do not let strangers inspect a customer's tank.14 Genuine Nigerian crude arrives on a named tanker for a named receiver.
5. Fake inspection reports
A PDF "quality and quantity report" is offered as proof of product. SGS provides a free service to verify SGS-branded documents, but requires the complete document, and a genuine old report can be paired with a false ownership claim.15 For other inspection companies, contact the issuing office using details from its corporate website — never from the report itself.
6. Vessel claims: Q88 forms, "loaded and on the high seas", charter deposits
How it works. The seller sends a tanker questionnaire (Q88) and a bill of lading for a named ship said to be carrying the cargo, then requests a chartering deposit, demurrage or a "change of destination" fee.
Why it does not fit reality. A Q88 describes a ship and says nothing about cargo ownership. Under FOB terms — NNPC's stated basis — it is the buyer who charters the vessel, so a seller demanding a charter deposit has the roles reversed. US government guidance documents that ship-tracking signals can be disabled or falsified and shipping documents forged.16
What to check. Look the vessel up by IMO number in Equasis,17 compare its position history with the claimed loading date, screen it against sanctions lists, and contact the registered owner directly. For any Nigerian loading after mid-2025, ask for the regulator-issued Unique Identification Number that must appear on the bill of lading, certificate of origin and manifest (the rule is explained in our guide to Nigerian export regulations).18 There is no public tool for checking a UIN, so its presence is necessary but not sufficient.
7. Bank-instrument theatre: MT799, MT760, "leased SBLC", proof of funds
How it works. Either the "seller" demands that the buyer's bank send a message first — harvesting bank details or extracting charges — or a "provider" offers a leased standby letter of credit for an upfront fee and delivers a forged printout.
Why it does not fit reality. The FBI has warned that fraudsters use counterfeit MT799 and MT760 messages and that the standby-letter-of-credit investments such schemes promote are fictitious.19 The ICC's Financial Investigation Bureau has warned of fake bank guarantees in very large denominations.20 Bank-industry principles list deal structures beyond the customer's capacity and improbable goods, quantities or origins as money-laundering risk indicators.21 A genuine crude purchase is paid by documentary letter of credit from a recognised bank, payable against shipping documents.
8. Impersonation of NNPC, regulators, majors and terminals
Look-alike domains and free email accounts imitate official bodies, and genuine email threads are hijacked to change payment instructions. The FBI reports exposed losses of US$55.5 billion from business email compromise between 2013 and 2023.22 Verify any change of bank details through a second channel, and reach organisations only through contact details on their own websites: nnpcgroup.com and nuprc.gov.ng.
9. The genuinely registered shell
A certificate of incorporation shows that a company exists — nothing more. Compare any seller with NNPC's own bar for its buyers: three years of audited accounts and a nine-figure net worth.1 The Corporate Affairs Commission's free search confirms name, registration number and status only.23
10. Meeting and travel lures
Invitations to "sign at NNPC Towers" or to attend a meeting in a hotel are a recognised pattern; the UK government advises caution about face-to-face meetings arising from online business contacts in Nigeria.24
Red-flag checklist
- A price well below the Dated Brent-linked market, or a quoted "gross and net discount".
- The words allocation, mandate, facilitator, authority to sell.
- Volumes of two million barrels a month or more, with "rolls and extensions".
- Any payment requested before documents are presented through banks.
- References to "ICC 400/500/600" or an "IMFPA".
- A demand that your bank sends an MT799, MT760 or proof of funds first; a "leased" instrument.
- Product "in tank"; refined products quoted in barrels; tank-extension invoices.
- Free email addresses, recently registered domains, WhatsApp-only contact.
- Vessel documents offered before contract; charter costs charged to a buyer under a CIF offer.
- Pressure, urgency, and invitations to travel.
Before engaging any seller of Nigerian crude
- Confirm the company's legal identity and registration in its home registry, matching the registration number rather than the name.
- Identify the directors and beneficial owners, and screen them, the company and any vessel against US, EU, UK and UN sanctions lists.
- Establish the seller's place in the chain: producer, NNPC contract holder, or a trader that can name its supplier.
- Confirm the authorised representative's authority in writing, by calling the company through an independently sourced switchboard number.
- Ask for the grade, loading terminal, loading window and the regulator's UIN for the cargo, and check the terminal and its current operator against the export terminal database.
- Appoint your own independent inspector at the load port.
- Verify bank details through an independent channel, and pay only through a letter of credit against original shipping documents.
- Pay no upfront fees of any description.
The same discipline applies in reverse. Serious sellers ask buyers for a KYC pack — incorporation documents, ownership, audited accounts, bank reference, sanctions declarations — and our buyer centre explains what to prepare.
Independent verification resources
| What it verifies | Resource | Cost | Limitation |
|---|---|---|---|
| A Nigerian company exists (name, RC number, status) | Corporate Affairs Commission public search | Free | Legal existence only. No directors, shareholders or accounts in the free view. Proves nothing about product, licences or capacity. |
| A vessel's identity, owner, manager, class and flag | Equasis | Free, registration | Not real-time. Confirms the ship exists — not what it carries or who chartered it. |
| IMO ship and company numbers | IMO GISIS | Free account | Limited fields; same caveat as above. |
| Whether an SGS-branded report is genuine | SGS document verification | Free | Needs the complete document. Confirms issuance and integrity only — not ownership or that product is still there. |
| Whether a Rotterdam "terminal" website is a known fake | Storage Spoofing blacklist and whitelist | Free | The whitelist is explicitly incomplete; new fake domains appear constantly. |
| US sanctions (persons, companies, vessels by IMO) | OFAC sanctions list search | Free | Fuzzy name matching; entities owned 50% or more by listed persons may not appear. |
| EU sanctions | EU Sanctions Map | Free | Informational; the legal source is the Official Journal. |
| UK sanctions | UK Sanctions List search | Free | UK designations only. |
| UN sanctions | UN Security Council consolidated list | Free | UN designations only. |
| Legal entity identifier and parent companies | GLEIF LEI search | Free | Many small companies have no LEI; parent data are self-reported. |
| Age and registrant of a website domain | ICANN lookup | Free | Registrant details are often redacted; age is indicative only. |
| Documents citing "ICC rules" | ICC fraud warning page | Free | The ICC will not vet your counterparty for you. |
| Any SWIFT message, letter of credit or standby | Your own bank's trade finance desk | Bank fees | The only valid route. A PDF or screenshot of a SWIFT message cannot be authenticated by anyone. |
If you have been defrauded, contact your bank immediately to attempt a recall, and report to your national authorities — in the United States the FBI's Internet Crime Complaint Center; in Nigeria the Economic and Financial Crimes Commission; for Rotterdam storage fraud, the port's working group.14
Apply these tests to us
We ask buyers to treat Nigeria Crude Oil Merchant exactly as this page recommends. We do not request upfront fees, we do not publish "allocations" or price lists, and we expect any transaction to proceed between identified principals under formal contracts through the banking system. Who we are and what we do not claim is set out on the about page.