The colonial masters passed laws in 1914, the year of amalgamation of the Northern and Southern protectorate that enabled them to achieve their economic or trade interest in Nigeria which this paper argued amounts to Financial Crimes. The significance of this novel paper on Financial Crimes in the Petroleum Industry in Nigeria can be best encapsulated by the fact that an overwhelming source of the nation’s revenue and exports are derived from the Petroleum Industry, quite apart from the over one hundred and one things made from Petroleum Bi-Products and about another one hundred things made from Petroleum itself, yet,
the Petroleum Industry from its inception in 1914 to date remained and appeared to be riddled with a complex web, wellorchestrated, and labyrinthine maze of Financial Crimes
particularly, Bribery and Corruption, Fraud, and Money Laundering, owing largely to weak institutions particularly, the criminal justice system. The organized nature of financial crimes in the petroleum industry in Nigeria is made worse by lack of transparency in its opaque nature. Thus, this paper sought to discuss the jurisprudential basis of these crimes.