Connect with us

Crime

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

Published

on

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.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Crime

Gunmen invade ex-Ogun LG chairman’s residence

Published

on

An armed gang on Thursday morning invaded the residence of former Ijebu-Ode Local Government Chairman, Alhaji Emilola Gazal, carting away valuables, cash, and his vehicle.

Gazal, who is also the publisher of The Roots Magazine, confirmed the incident in a telephone interview with our correspondent.

“The three armed men broke into my residence at Ijebu-Ode GRA at about 2 a.m. They collected all the cash with me after which they forced me to open my bank apps on my phone and transfer everything there to an account they provided. They left only N5,000 in my account.

“They also made away with my wife’s trinkets and with my ash-colour car. They actually told me they would be going away with my car. I am just going to report the incident to the police at Igbeba and Obalende, Ijebu-Ode”, Gazal told our correspondent.

PUNCH Online reports that this incident comes amid a spate of violent robberies and home invasions reported across Ogun State, particularly in the Ijebu area.

For example, earlier this year, the Ogun State Police Command killed a suspected armed robber in a gun duel along the Sagamu–Ijebu Ode Expressway.

The command, on September 12, 2025, also recently arrested a man linked to a burglary and armed robbery in Ayetoro, amounting to about N1.5 million in stolen goods.

Meanwhile, the regional security network, Amotekun Corps, has in past operations engaged criminal gangs in shootouts, neutralising suspects in Ogun’s border zones.

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading

Crime

How my father got me trafficked with fake job at Baghdad supermarket — Victim

Published

on

Following a six-hour raid by the National Agency for the Prohibition of Trafficking in Persons (NAPTIP) at the Nnamdi Azikiwe International Airport, Abuja, which led to the rescue of 24 suspected victims of human trafficking, one of the victims has vowed to sue her father for deceiving her into being trafficked.

The victim claimed that she was told by her father that his friend had a job for her at a supermarket in Baghdad, and was totally convinced she was going to better her life until her rescue by NAPTIP.

“My father told me that his friend has a job for me at a supermarket in Baghdad. He did not tell me that it is in Iraq.

“I know that Iraq is not a good place to work for now due to the crisis there, but I did not know that Baghdad is in Iraq. I thank the DG and her officers for rescuing me,” the victim said.

Director-General of NAPTIP, Binta Bello, who led a high-powered special operation team to the airport following a tip-off, revealed that among the suspected human traffickers arrested was a retired senior uniformed officer with one of the foremost law enforcement agencies in Nigeria, who is alleged to be a prominent member of the trafficking syndicate operating within the South West region of Nigeria.

In a statement by the National Press Officer of the agency on Wednesday, Bello said: “We observed that the Nnamdi Azikiwe International Airport is becoming a comfort zone for these traffickers, and that is why we have decided to shift attention to this airport.

“We will sustain this raid until they stop this unpatriotic and illicit trade in human beings.”

Expressing confidence in her team following the operation, she said: “We were able to arrest five suspected members of the trafficking gang who have been recruiting and trafficking our citizens to various tension-soaked countries, especially in the Middle East, for exploitation,” the DG said.

Bello explained that the victims, whose ages range between 15 and 26 years, were recruited from Kano, Katsina, Oyo, Ondo, and Rivers States, and were heading to Iraq, Sudan, Egypt, Saudi Arabia, Bahrain, and Afghanistan.

The DG pointed out that a good number of the victims could not communicate in any other language apart from their local dialect, and most did not even know the location of their intended country of destination.

“They told my mother that they were taking me to Europe, where I would work and earn dollars. My parents were happy and they allowed me to follow them,” another victim narrated after the DG explained, with facts, what awaited them at their final destinations after being successfully trafficked.

Speaking further on the development, Bello expressed sadness over the activities of suspected human traffickers and unregistered labour recruiters, who have continued to deceive, recruit, and traffic Nigerians for various forms of exploitation.

“I was amazed that a father, who is a retired law enforcement officer of senior cadre, deceived his daughter and packaged her to be trafficked to Iraq for exploitation.

“This is incredibly unbelievable. All of them will be thoroughly investigated, and they will face the law.”

The NAPTIP boss commended the support of sister agencies at the airport, including the Director-General of the Federal Airport Authority of Nigeria (FAAN) and the Nnamdi Azikiwe International Airport Manager, among others.

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading

Crime

Soldiers foil terrorists attack in Taraba, kill two suspects

Published

on

Troops of 6 Brigade Nigerian Army/ Sector 3, Operation Whirl Stroke, have successfully foiled a terrorist attack and neutralised two suspected terrorists in Taraba.

This is contained in a statement released on Wednesday by Lt. Umar Muhammad, Acting Assistant Director, Army Public Relations, 6 Brigade Nigerian Army, Jalingo.

“Acting on credible intelligence, troops on  October 1, 2025, advanced to Tor-Ikyeghgba village where bandits were reported to be converging.

“On arrival at the general area, the troops made contact with the terrorists along the powerline axis and immediately engaged them with superior firepower, resulting in the neutralisation of two.

“During the operation, the following items were recovered; one locally fabricated pistol, two dane guns, three rounds of 7.62 mm special ammunition, one Baofeng radio, one motorcycle and other items,” it stated.

He quoted Brig. Gen. Kingsley Uwa, Commander of the brigade, commended the troops for their swift response, resilience, and professionalism.

Muhammad also quoted the Commander, as urging the troops to maintain the momentum,  assuring residents of the state that the brigade remained fully committed to ensuring their safety.

He therefore, called on members of the public to continue to support the ongoing operation ‘Lafiya na kowa’  by providing timely and credible information that would aid in the fight against criminality.

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading

Trending