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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.

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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Interpol arrests 11 high-level members of terrorist groups in Nigeria

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The International Criminal Police Organisation (Interpol) has arrested 11 suspected high-ranking members of terrorist groups in Nigeria as part of a continent-wide crackdown on terrorism financing and related crimes.

The arrests were made as part of Operation Catalyst, a two-month joint operation conducted by Interpol and the African Union Mechanism for Police Cooperation (AFRIPOL) across six countries: Angola, Cameroon, Kenya, Namibia, Nigeria, and South Sudan.

In a statement, Interpol said the operation targeted terrorism financing and the illegal activities supporting it, examining more than 15,000 individuals and entities of interest. The operation uncovered $260 million in both fiat and virtual currencies potentially linked to terrorism-related activities, with over $600,000 seized.

“Of the 83 arrests, 21 were for terrorism-related crimes, 28 were for financial fraud and money laundering, 16 were linked to cyber-enabled scams, and a further 18 were related to the illicit use of virtual assets,” the statement said.

In Angola, 25 people of multiple nationalities were detained in connection with informal value transfer systems tied to terrorist financing and money laundering. Authorities seized around $588,000, along with 100 mobile phones, 40 computers, and froze 60 bank accounts.

In Kenya, investigators uncovered a suspected money-laundering network using a virtual asset service provider with potential links to terrorism financing. The operation, valued at about $430,000, led to the arrest of two individuals. In another case, two suspects were detained for allegedly recruiting young people from East and North Africa into terrorist groups through online platforms. Funds for the recruitment were traced through cryptocurrency channels back to individuals in Tanzania.

Interpol said Nigeria’s contribution to the operation resulted in the arrest of 11 suspected terrorists, “including high-level members of several terrorist groups.”

The international police agency also uncovered a major cryptocurrency-based Ponzi scheme operating across 17 countries, including Nigeria, Cameroon, and Kenya. The fraudulent platform posed as a legitimate trading service and defrauded more than 100,000 victims worldwide, resulting in losses estimated at $562 million.

According to Interpol, several large cryptocurrency wallets linked to the scheme are now being investigated for possible connections to terrorism financing. The global investigation remains ongoing.

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PHOTOS: Murd£r suspect arrested over 40 times before allegedly k!lling hotel guest

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A man arrested in the US after allegedly murd£ring a 51-year-old man had been arrested over 40 times before, records show.

Ronnie Fewell, 32, sh0t and k!lled Ronald Neville on Oct. 10 at a Motel 6 in Charlotte, North Carolina, according to an arrest affidavit.

Neville was found with several gunsh0t wounds and was pronounced de@d at the scene.

Video obtained by police showed that Fewell was one of three men who forced their way into the motel room, where they were only inside for several seconds, police said.

Detectives said one of the men “quickly” fled the hotel room with a backpack that he didn’t have before.’

Fewell was charged with felony murd£r, robbery with a dangerous weapon and felony conspiracy in relation to the sho0ting.

Officials said he was one of four people allegedly responsible for Neville’s de@th.

The backpack had items valued at $100, according to an arrest warrant.

Fewell was given no bond and was ordered to be detained at the Mecklenburg County Sheriff’s Office.

Court and arrest records reviewed by Fox News Digital show that Fewell has been arrested at least 40 times dating back to 2012.

Fewell had previously been arrested for charges of resisting a public officer, breaking and entering, possession of stolen goods, assault on a female, possession of cocaine, selling cocaine, possession of a firearm by felon, possession of a stolen firearm, robbery, assault on a female, assault with a deadly weapon, and more.

Many of the charges were dismissed by the local state’s attorney and resulted in no jail time, according to court records, but he has served time in prison for several convictions.

Rep. Mark Harris, R-North Carolina, wrote on X he was “disgusted” at the amount of times Fewell has been arrested.

“Another serial criminal who was walking free in Charlotte, NC, has just been arrested for the MURDER of a 51-year-old man,” Harris wrote.

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PHOTOS: Former monarch’s wife paraded by community members who claim she was caught burying charms

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A woman identified as Mrs Chinelo, was on Wednesday, Oct. 22, paraded by community members around the villages of Ibom Isii, Arochukwu LGA of Abia.

The villagers claim Mrs Chinelo, who is the widow of the former traditional ruler of the Ibom Isii, was allegedly caught at 2am on Wednesday burying a calabash, knife, and a handwritten list of names at her late husband’s home.

Eyewitnesses raised an alarm, and villagers apprehended her before the elders intervened to prevent mob action.

Videos circulated by villagers show Chinelo with a red wrapper around her chest and with what appears to be a clay bowl in her hand as she was being paraded by villagers who were singing and playing local musical instrument.

The bowl in her hands is alleged to be the charms she was allegedly caught trying to bury.

Some villagers in the video, claimed that Mrs Chinelo was previously sent away from her husband’s home by community members over alleged infidelity.

After being paraded around the villages, she was handed over to the elders, who then took her to Inyama Avia, the ancient traditional sanctuary of Arochukwu — a spiritual tribunal where individuals accused of evil deeds are required to swear before the ancestors.

Chinelo is the wife of late Eze-Ibom-Isii, Mazi Kanu Nwa Kanu Okereke, who was deposed in early 2024 and di£d a year later.

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