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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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Crime

150 terrorists convicted in 48 hours, says AGF

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The Federal Government has secured approximately 150 convictions within the first two days of its latest phase of mass terrorism trials, Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), disclosed on Tuesday.

Fagbemi made the disclosure while speaking with journalists at the Federal High Court in Abuja, where the trials are being conducted simultaneously before 10 judges of the court.

The AGF said the current phase, which commenced on Monday, had already recorded about 160 trials leading to roughly 150 convictions on its first day alone.

“Yesterday, we had about 160 trials. I think about 150 convictions,” Fagbemi told reporters.

He added that proceedings on Tuesday brought approximately 300 cases before the courts, with another 84 cases expected to be concluded before the close of the day.

“Whatever we can do, or wherever we stop today, we’ll continue tomorrow and also on Thursday. So it’s still ongoing,” the minister said.

Fagbemi appealed for patience from members of the public as the exercise continued, stressing that the initiative reflected the government’s commitment to justice, accountability and the rule of law.

On Monday, the AGF had said the ongoing phase marked the fourth round of mass terrorism trials conducted since the inception of the current administration, describing the exercise as a clear signal that the government would not tolerate terrorism in any form.

“The message is clear, direct and straightforward. It is that the present administration is not taking the issue of terrorism with levity. And that is why you see ongoing trials.

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“Since the inception of this administration, this is about the fourth phase that we are undertaking. So the message is that let everybody know that terrorism in whatever form or shape will not be tolerated,” Fagbemi added.

The prosecution is being led by the AGF himself, while the Director-General of the Legal Aid Council, Aliyu Abubakar, heads the defence team.

Among the judges handling the cases are Justices Binta Nyako, Emeka Nwite, Musa Liman, James Omotosho, Obiora Egwuatu and Ekerete Akpan, with proceedings taking place across several courtrooms simultaneously.

The current phase of trials is expected to run through Thursday, with the overall exercise scheduled to last one week.

The latest phase follows a previous round conducted between April 7 and April 10, during which no fewer than 500 alleged terrorists were tried before the Federal High Court sitting in Abuja.

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Police arrest man for sharing fake video of bandit attack in Ekiti

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The Ekiti State Police Command has arrested a man, Sunday Olawale, over allegedly spreading fake news of bandits’ attack on Are Ekiti in the Irepodun Ifelodun Local Government area of the state.

The Police Public Relations Officer, Sunday Abutu, said in a statement in Ado Ekiti on Tuesday that the suspect, who confessed to the crime, had been unable to give a reason for the false information.

Abutu stated, “The Police Command wishes to reiterate that there was no bandit invasion in Are Ekiti or any part of the Ekiti State”.

The statement reads in part: “On 14th of June, 2026, the Command Rapid Response Squad trailed and arrested one Sunday Olawale at Ekute area of Ado Ekiti for cyberstalking and giving of false information intended to cause breakdown of law and order.

“It would be recalled that on the 12th of June 2026, a video was circulating on social media claiming that bandits had invaded Are Ekiti. The video was later confirmed to be false.

“During the investigation, the suspect confessed to having peddled the false information on social media and was unable to give any satisfactory reason for his action.

“The State Commissioner of Police, Michael Falade, while warning that the Command will not tolerate any act of fake news peddling or content capable of initiating panic among members of the public, advises members of the public to always verify information they believe or share on social media,” the PPRO stated.

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Police confirm three security operatives killed in NIPSS Plateau gunmen attack

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The Plateau State Police Command has confirmed that three security operatives were killed in an attack on the National Institute for Policy and Strategic Studies, Kuru, in the early hours of Monday.

In an information update in Jos on Tuesday, signed by the state Police Public Relations Officer, SP Alfred Alabo, the command said, “The Plateau State Police Command, on a very sad note, wishes to confirm the incident that occurred in the early hours of today, 16th June 2026, involving security personnel on duty at the National Institute for Policy and Strategic Studies, NIPSS, Kuru.

“Regrettably, three security personnel lost their lives during the incident.”

The command disclosed that security has been beefed up around the facility following the attack.

“Security reinforcements have been deployed, and patrols have been intensified around the general area by the Commissioner of Police, CP Bassey Ewah,” SP Alabo stated.

The police also assured residents that calm has returned to the area.

“The situation is under control and normal activities have resumed,” the statement added.

On the next steps, the command said, “Investigation is ongoing. The command urges members of the public to remain calm and go about their lawful businesses.”

The PPRO concluded that “Further updates will be communicated in due course.”

NIPSS Kuru is Nigeria’s premier policy training institution for senior public officials.

The attack marks one of the most serious security breaches at the facility in recent years.

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