Crime

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

Published

1 year ago

August 7, 2025

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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Crime

Police arrest 10 suspected human parts sellers in Oyo

Published

2 days ago

August 15, 2026

Oluwagbenga Olaoye

The Oyo State Police Command has arrested 10 suspected human parts sellers.

The suspects were arrested in the Iseyin and Saki areas of the state.

Public Relations Officer of the command, Olayinka Ayanlade, disclosed this in a statement on Saturday.

Exhibits recovered from the suspects include one suspected human heart, human flesh, pieces of human skull and assorted charms.

The statement said the exhibits have been secured for forensic examination and further investigation.

The suspects were identified as Adam Ibrahim, Nasiru Kabiru, Tijani Wasiu, Abiola Nasiru, Amusa Gbadamosi, Raheem Taofeek, Jimoh Muritala, Suleiman Busari, Ganiyu Nurudeen and Usman Abdullahi.

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Crime

PHOTOS: Kebbi man arrested over alleged ritual desecration of Qur’an after burying it in pit with s€men to make woman more submissive to her husband

Published

2 days ago

August 15, 2026

Oluwagbenga Olaoye

The Kebbi State Police Command has arrested a 29-year-old man, Abubakar Musa, over alleged ritual desecration of the Holy Qur’an in Zuru Local Government Area of the state.

The spokesperson for the command, SP Bashir Usman, who disclosed this in a statement on 14th August 2026, said the suspect was arrested in connection with alleged criminal conspiracy, abuse of religious books, use of spells and hypnosis, and inciting disturbance.

According to the PPRO, on August 9, 2026, Musa and two other suspects, Rabi’u Tela and Hamza Zango, allegedly dug a pit and buried a copy of the Holy Qur’an, together with semen, white and red kolanuts, underwear, d3ad animals, and other fetish items.

The police spokesperson said the act was allegedly intended to make Rabi’u Tela’s wife Zarau Hassan more submissive to him.

“The Kebbi State Police Command has arrested Abubakar Musa, male, 29, of Rafin Mose Village, Zuru LGA, in connection with a case of criminal conspiracy, abuse of religious books, use of spells and hypnosis, and inciting disturbance,” the statement read.

“The incident occurred on 9th August 2026, at about 1900hrs, at Zango Area, Zuru. Preliminary investigation revealed that the suspect allegedly conspired with two others; Rabi’u Tela, husband of Zarau Hassan, and Hamza Zango, both now at large, to dig a pit inside Zarau Hassan’s room and bury therein a copy of the Holy Qur’an, together with semen, white and red kolanuts, underwear, dead animals, and other fetish items.

“The act was allegedly intended to make Zarau Hassan more submissive to her husband, Rabi’u Tela, and was carried out in circumstances capable of provoking a breach of the peace among the Muslim faithful in the community.

“Efforts are ongoing to apprehend the two fleeing suspects, while Abubakar Musa remains in police custody and will be charged to court upon conclusion of investigation.

“The Commissioner of Police, CP Umar M. Hadejia, psc, MNIM, strongly condemns the alleged act and warns that the Command will deal decisively, within the law, with individuals whose actions threaten religious harmony, public order, and peaceful coexistence.

“Members of the public are urged to promptly report suspicious activities to the Police through 09039911876 or 07081074395. All information will be treated with utmost confidentiality.”

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Crime

PHOTOS: Gunmen abduct 14 passengers in Benue

Published

2 days ago

August 15, 2026

Oluwagbenga Olaoye

Gunmen have abducted 14 passengers travelling along the Otukpo–Adoka road in Benue State.

The incident occurred on Thursday night, August 13, 2026 when an 18-seater commercial bus travelling from Enugu State to Abuja was reportedly ambushed along the Ankpechi–Omutele axis of Ohimini Local Government Area.

A resident, Ochai, who spoke with punch on Friday, said the gunmen forced all the passengers into the surrounding forest.

“Some gunmen ambushed an 18-seater bus heading to Abuja between Omutele and Ankpechi along Otukpo -Adola road yesterday (Thursday) night. All the passengers in the vehicle were whisked away by the gunmen,” he said.

The spokesperson for the Benue State Police Command, DSP Peter Aondongu, who confirmed the incident in a statement said five of the victims have so far been rescued.

According to the PPRO, the police launched a coordinated rescue operation early Friday.

Aondongu said the operation involved an exchange of gunfire between the security operatives and the kidnappers.

“The Benue State Police Command has confirmed a kidnapping incident involving a commercial passenger bus travelling from Enugu State to Abuja along the Ankpechi–Omutele axis of Ohimini Local Government Area on the night of 13 August 2026,” the statement read

“Following the incident, operatives of the command commenced a coordinated rescue operation early this (Friday) morning. The operation, which involved an exchange of gunfire, has so far resulted in the successful rescue of five victims, including a four-year-old boy, while nine others remain in the custody of the suspected kidnappers.”

The police spokesperson disclosed that one of the rescued victims sustained a gunshot injury during the operation and was taken to a medical facility in Otukpo for treatment.

He said the police, working with other security agencies, had intensified efforts to secure the release of the remaining nine victims.

According to Aondongu, the operation was being conducted cautiously, with the safety of the abducted passengers prioritised.

The Commissioner of Police in the state, Cletus Nwadiogbu, also assured the victims’ families and members of the public that efforts would continue until the remaining passengers were rescued.

He urged residents of the affected communities to remain vigilant and provide security agencies with credible information that could aid the rescue operation.