India’s Supreme Court has ruled that billionaire businessmen Nitin and Chetan Sandesara, owners of Sterling Global, must pay $570m—roughly one-third of their alleged liabilities—to settle a long-running fraud case that has linked India’s banking system with Nigeria’s oil sector, The Daily Times reported on 24 November 2025.
The Sandesara brothers have been at the centre of one of India’s largest alleged bank fraud cases, even as they expanded their footprint in Nigeria’s energy industry.
They stand accused of defrauding Indian banks of more than $1.6bn through their companies Sterling Biotech and Sterling SEZ & Infrastructure.
In 2017, the brothers fled India, reportedly using Albanian passports. By 2018, they were declared fugitive economic offenders, joining the ranks of high-profile figures such as Vijay Mallya and Nirav Modi.
The Sandesara family controls Sterling Global Group, a diversified conglomerate with interests in pharmaceuticals, infrastructure, and oil across multiple countries.
In Nigeria, they operate Sterling Oil Exploration & Energy Production Company (Seepco), which has become a significant player in the nation’s petroleum industry.
Seepco is the only Indian-origin company producing oil in an Opec member state and has been involved in major oil blocks and infrastructure projects.
Major oil and gas assets operated by Seepco in Nigeria
OML 13 (Akwa Ibom State)
- An onshore block in the northern Niger Delta, regarded as one of Nigeria’s largest recent onshore developments.
- Operated by Seepco through its subsidiary Natural Oilfield Services Limited (NOSL), in partnership with NNPC Exploration & Production Ltd (NEPL).
- Achieved first oil in May 2024, starting at 6,000 b/d and ramping up to 40,000 b/d within weeks.
- This milestone marked one of the most significant onshore developments in Nigeria in recent years.
OML 143 (Delta State)
- An onshore block located in thickly forested terrain, containing both oil and gas reserves.
- Estimated gas reserves: 1.2 trillion cubic feet (tcf).
- Sometimes referred to as the Okwuibome field, operated by Seepco in partnership with NNPC Ltd. The license includes the Okwuibome and Anieze fields.
- Originally part of OML 39 (OPL 280), discovered by Shell in 1979, and re-awarded to Seepco in 2007—two years after the company entered Nigeria’s upstream market.
- Since 2011, Seepco has produced the Okwuibome Blend crude, a low-sulfur “sweet” Nigerian crude widely exported.
- In April 2021, Seepco and NNPC signed a Gas Development Agreement (GDA) to commercialize reserves in line with Nigeria’s National Gas Expansion Programme (NGEP).
- Gas from the field is processed at Ashtavinayak Hydrocarbon Limited (AHL) facilities, with a capacity of 125mmcf/d, and is expected to generate $600m in revenue for Nigeria.
OML 122 (Offshore Niger Delta)
- An offshore block located 25–60 km from the coast, covering about 1,600 km² in water depths of 40–300 metres.
- Historically operated by Peak Petroleum Industries Nigeria Limited, which partnered with Equator Exploration Limited in 2005 under a finance and service agreement.
- Seepco later assumed operatorship, while Oando holds minority working interests.
- Contains several discoveries, including Bilabri, Owanare and Orobiri.
- Holds significant gas reserves, making it strategically important for Nigeria’s domestic gas commercialization plans.
- Development has been slow due to financing constraints, but Seepco continues to maintain production.
Current oil output from Seepco Nigerian operations stands at around 50,000 b/d.
Its operations, though not always widely reported, have been described as flourishing, with local officials and industry stakeholders viewing their investments as positive contributions to the country’s oil and gas sector.
Sterling Global has also been an early adopter of autogas in Nigeria.
As of October 2025, more than 90% of its heavy and light vehicle fleet were powered by compressed natural gas (CNG), underscoring its commitment to cleaner energy solutions.