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How Emmanuel Nwude Sold a Fake Airport for $242 Million: One of the Biggest Scams in Banking History

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In one of the most audacious financial frauds ever recorded, Emmanuel Nwude, a Nigerian businessman and former director of Union Bank of Nigeria, masterminded a scam so elaborate it fooled a major international bank. Between 1995 and 1998, Nwude successfully defrauded Brazil’s Banco Noroeste of $242 million by posing as Paul Ogwuma, the then-Governor of the Central Bank of Nigeria.
The Fraud

Nwude approached Nelson Sakaguchi, a director at Banco Noroeste, claiming to represent the Nigerian government in the construction of a new airport in Abuja. He pitched the opportunity as a lucrative investment, promising substantial returns once the project was completed and operational. To bolster the ruse, he forged official documents, used fake telephone lines, and orchestrated meetings in Lagos and London, all to convince Sakaguchi of the project’s legitimacy.

By the time the fraud was uncovered, Nwude had received $191 million in cash and an additional $51 million in interest. The stolen funds were funneled through international banking networks and laundered into properties and luxury assets across the world.

Global Fallout

The scam came to light when Banco Santander, a Spanish bank, attempted to acquire Banco Noroeste in 1997. During a financial audit, auditors discovered a $242 million discrepancy in Noroeste’s accounts.

The shocking revelation led to the collapse of Banco Noroeste and sent shockwaves through the international banking sector, drawing attention to Nigeria’s growing reputation for advance-fee fraud, commonly known as 419 scams.

Arrest and Prosecution

Nwude’s downfall came with the establishment of Nigeria’s Economic and Financial Crimes Commission (EFCC) in 2003. Led by Nuhu Ribadu, the EFCC reopened the case. Nwude and his accomplices were arrested and charged with 86 counts of fraud.

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In 2005, after initially pleading not guilty, Nwude changed his plea in a plea bargain agreement. He was sentenced to five years in prison and ordered to return a significant portion of the stolen funds and properties. However, it is widely believed that not all the money was recovered.

Aftermath and Asset Disputes

Following his release from prison, Nwude attempted to reclaim some of the assets seized by the Nigerian government, asserting that many of them were purchased before the scam. His efforts to regain control over these properties sparked legal disputes, some of which continued for years.

Legacy of the Scam

Emmanuel Nwude’s fraud remains one of the largest advance-fee scams in global history. It spotlighted the vulnerabilities within international banking and led to increased scrutiny of financial transactions, particularly those involving emerging markets.

More than a tale of crime, Nwude’s story is a stark warning about the cost of unchecked greed and the need for rigorous financial oversight. It also played a pivotal role in pushing Nigeria to reform its approach to financial crimes, paving the way for greater international cooperation in tackling corruption and fraud.

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Mirabel should receive the same punishment a r*pist would get – BBNaija star, Tacha

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BBNaija star, Tacha, has called for the maximum punishment for Mirabel, the lady who in a viral video claimed she was r@ped inside her home by an unknown man.

In a shocking revelation, Mirabel on Thursday, February 19, confessed to social critic, VeryDarkMan, that she lied about the r@pe claim. She claimed she was dealing with serious mental health issues which was why she came up with the false claim.

Many Nigerians have called for her to be prosecuted. In a post shared on X, Tacha also called for Mirabel’s prosecution. She opined that Mirable should be punished just the way a r@pist would be punished if found guilty.

‘’Now that its been established that Mirabel lied about the r*pe allegation, I expect the police and the agencies in charge of handling r*pe and assault cases to make sure they penalize Mirabel and that she receives the same punishment a r*pist would get… CAUSE we live in a very wicked and terrible society where r*pists and r*pe apologists are looking for excuses to continue to r*pe and abuse women..

We should NEVER allow stupid women to empower these evil and wicked men! She must be penalized”

Mirabel should receive the same punishment a r*pist would get - BBNaija star, Tacha

 

In a follow-up video, Tacha stated that false rape claims only empower r@pe apologists to dismiss the claims of real r@pe victims whenever a fresh case of the crime surfaces.

 ‘’R@pe is a very serious issue. Women should never waponize r@pe for whatever reason. Never use r@pe to get back at an ex or a man. Never try to do so because at the end of the day, you are taking away from the real victims. You are Honestly!

You are empowering these r@pe apologists and r@pists because they feel like the next girl that comes out to talk about it how many people will believe her? because truthfully how many people will believe her?”

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See also  Court orders forfeiture of $49,700 found in INEC ex-REC’s home
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Police, military step up patrols in Kebbi LG after 33 killed

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The Kebbi State Police Command has reinforced security in the Bui District of Arewa Local Government Area following a deadly armed cattle rustling incident that left 33 people dead.

In a statement issued on Thursday, the Police Public Relations Officer, SP Bashir Usman, said additional personnel and operational assets had been deployed to the affected communities in collaboration with the military and other security agencies.

He said sustained area domination patrols were ongoing to stabilise the district and prevent further violence.

“The Command deeply regrets the loss of thirty-three innocent lives and extends its heartfelt condolences to the families affected and the entire Arewa community,” the statement read.

According to the police, “preliminary investigations revealed that suspected Lakurawa militants entered Bui District on February 18 to rustle cattle.

“The attackers were believed to have crossed into the area from Gudu Local Government Area”

Residents from Mamunu, Awasaka, Tungan Tsoho, Makangara, Kanzo, Gorun Naidal and Dan Mai Ago reportedly mobilised in response, leading to a fatal confrontation.

The police emphasised that incidents involving heavily armed criminal elements require coordinated security intervention and warned residents against directly engaging such groups.

“Members of the public are urged to promptly report suspicious movements through established security channels rather than confront armed criminals, as such actions pose grave risks,” Usman stated.

Meanwhile, earlier reports indicated that at least 34 people were feared killed when gunmen swept through several communities in Arewa LGA in coordinated daylight attacks, triggering panic across the wider Kebbi North Senatorial District.

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Security forces have since launched targeted operations to track and apprehend the perpetrators, block escape routes and strengthen early warning mechanisms.

The Command urged residents to remain calm and cooperate with security agencies as efforts intensify to restore lasting peace in the troubled communities.

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DSS invites suspects as wife opens up on the abduction of Dadiyata

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The Department of State Services has reopened investigations into the 2019 disappearance of Abubakar Idris, popularly known as Dadiyata, and is set to invite suspects in connection with the case.

Dadiyata, a lecturer at the Federal University Dutsinma, Katsina State, was declared missing on August 1, 2019, after gunmen reportedly took him from his residence in Kaduna.

His whereabouts remain unknown nearly seven years later.

The development comes as Kadijah, the wife of social media commentator and critic, expressed fresh worries over her husband’s disappearance.

She spoke in a video interview with Ambassador-designate Reno Omokri, which was released on his X handle on Thursday.

Omokri, who visited the mother of two at her residence, sought support for Kadijah and her children, pledging to get justice for her.

“We pray that one day, he will come back,” Kadijah said when asked what she had to say about her husband’s disappearance over the years, especially given recent comments made by former Kaduna State Governor, Nasir El-Rufai.

Appealing to Nigerians, she said, “They should please do whatever they can to help us know his whereabouts, if he’s alive or not.”

Omokri further asked Kadijah what she had to say about an old comment made about her husband that suggested “mockery.”

“It was somebody who showed me (the post) because I didn’t have a phone at that time,” she said of the 2019 comment reportedly made by the son of a former Kaduna State Governor.

The post had read, “Those same clowns who encouraged him when he was creating false stories and capitalising on lies that could endanger lives solely for political ends are the same individuals trending hashtags asking, ‘#WhereisDadiyata.’

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“Dangerous lies in the public space have consequences. I felt bad about it (the comment). I can’t even explain,” Kadijah stated in the video.

She further narrated how her husband was abducted as he alighted from his car in their compound on August 2, 2019, saying she watched from the window as it happened.

Assuring Kadijah of Dadiyata’s safe return if he is alive, and justice in the unlikely event of his death, Omokri empathised with the woman and sought assistance for the family.

He appealed to the Governor of Kaduna State, Uba Sani, for “whatever he can do for them… to help their living conditions, probably relocate them, help their education, or help the mother with a job. Nigeria owes a duty of care to this family for what has happened to them.”

Dadiyata, a lecturer and online commentator, was abducted on August 2, 2019, by unidentified gunmen as he drove into his home in Barnawa, Kaduna.

The incident has continued to attract public attention and demands for accountability.

Dadiyata’s matter resurfaced on February 14, 2026, when El-Rufai denied any involvement in the case and argued that the missing commentator was primarily critical of the Kano administration rather than the Kaduna State government.

“Dadiyata was not a fierce critic of the Kaduna State government. He was a fierce critic of the Kano State government.

“He is a Kwankwasiya guy; he lives in Kaduna and lectures at a university in Katsina State, but is a fierce critic not of Kaduna State. Go and review his timeline,” he said.

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El-Rufai further stated that he was unaware of Dadiyata before the abduction was reported to the police.

“It was Ganduje that was his problem. I didn’t even know him. We only got the report of Dadiyata’s existence and the fact that he lives in Kaduna State after the family reported to the police that he was abducted as he was returning home in the evening.

“If anybody is to be asked about the disappearance of Dadiyata, it is the Kano State Government; it has nothing to do with the Kaduna State Government. We didn’t even know he existed,” he said.

Reacting, former Kano State governor, Abdullahi Ganduje, dismissed being linked to the case in a statement issued by his former Commissioner for Information and Internal Affairs, Muhammad Garba.

He described the claims as “reckless, unfounded, and a clear attempt to shift responsibility for an incident that occurred entirely within Kaduna State.”

According to Ganduje, Dadiyata was widely known in Kaduna for his criticism of the state government.

“Everyone in Kaduna knew the nature of the criticism he made and who it was directed at,” he said.

A security source told The PUNCH that the DSS recently seized El-Rufai’s passport at the Nnamdi Azikiwe International Airport, Abuja, to prevent him from travelling abroad while investigations are ongoing.

“The DSS has reopened the case of the 2019 disappearance in Kaduna of a renowned government critic, Abubakar Idris, better known as Dadiyata, and several other cases of missing persons.

“El’Rufai is fully aware that the DSS is investigating him and his two sons for Dadiyata’s kidnapping.

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The Service was reported to have reopened the case and was set to invite El-Rufai’s sons for questioning over the matter.

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