Crime
How Emmanuel Nwude Sold a Fake Airport for $242 Million: One of the Biggest Scams in Banking History
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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Justice Aisha Kumaliya of the Borno State High Court, Maiduguri Borno State, on Wednesday, August 6, 2025 convicted and sentenced Kalthum Mustapha to three years imprisonment.
Kalthum was first arraigned on Monday, May 13, 2024 on one -count charge for the offence of cheating to the tune of N1, 350.000.00 (One Million Three Hundred and Fifty Thousand Naira).
The charge reads: “That you, KALTUM MUSTAPHA, sometime in June, 2022, at Maiduguri, within the jurisdiction of this Honourable Court, dishonestly induced the duos of Muhammad Lawan Sani, Abubakar Umar, and Yusuf Jafar to deliver to you the sum of N 1,350.000.00 (One Million Three Hundred and Fifty Thousand Naira) for the supply of ready to use Therapeutic Food RUTF (a.k.a tammua packages) which you are yet to pay and thereby committed an offence contrary to Section 320 (a) and punishable under Section 322 of the Penal Code Cap 102 Laws of Borno State.”
The defendant pleaded not guilty and as the matter proceeded for trial; counsel for the prosecution Mukhtar Ali Ahmed and Faruku Muhammad presented witnesses and tendered several documents as exhibits.
Justice Kumaliya in her judgment convicted and sentenced her with an option of fine in the sum of N50, 000.00 (Fifty Hundred Thousand Naira) or in default to serve six months jail term.
The judge further ordered the convict to pay the sum of N635, 000.00 (Six Hundred and Thirty Five Thousand Naira) to her victims or to serve additional two years imprisonment.
The convict bagged her imprisonment when she was arrested for obtaining the sum of N 1,350.000.00 (One Million Three Hundred and Fifty Thousand Naira) for the supply of ready to use Therapeutic Food RUTF (a.k.a tammua packages) from her victims.
She neither delivered the food package nor returned the money to them.
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Operatives of the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, have arrested fifty-five (55) suspected internet fraudsters in a sting operation.
According to the commission, the suspects were arrested at K Hotel in Itori, Ewekoro area of Ogun State on Wednesday, July 6, 2025 following credible and actionable intelligence available to the Commission regarding their suspected fraudulent internet activities.
The commission named the suspects arrested as Ogunniyi Oluwaseun, Babalola Ibrahim, Dada Qowiyu, Kunle Ajayi, Rufai Suleman, Babajide Shedrack, Oloyede Toheeb, Monday Joseph, Akinbode Babatunde, Oyedipe Micheal, Adekunle Jeremiah, Mustapha Muyideen, Mike Opeyemi, Bale Abayomi, Odukoya Samuel, Joseph Oyegunle, Bakole Abayomi, Babalola Micheal, Tajudeen Adeyemi, Ogunsola Habeeb, Amao Samson, Amuleya Matthew, Aroleyun Ifeoluwa, Babalola Ayomide, Popoola Oluwaloseyin, Mayowa Fasola, Muhammed Bahil, Asiru Qoyim and Babatunde Qudus.
Others are: Akande Ibrahim, Ojerinola Tumininu, Adedokun Hassan, Ogundele David, Opakunle Ayomide, Adeniyi Isreal, Yusuf Sikiru, Jimoh Olamilekan, Tosin Abiodun, Bamiduro Afeez, Lamina Usman, Bakare Farouq, Ilori Michael, Segun Titiloye, Anifowose Musa, Idowu Peter, Laisi Ibrahim, Olaofe Emmanuel, Akeem Obabunmi, Afolabi Micheal, Afolabi Idris, Bamidele Ibrahim, Godwin Joshua, Adeeko Ayoola, Owoeye Kolawole and Mutiu Olude.
Items recovered from the suspects include six exotic cars, two locally- made pistols, one motorcycle, several mobile phones and laptops, incriminating documents, eighty-nine unclaimed phones among others.
They have given useful information to the Commission and will be charged to court soon.
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Crime
Police arrest Osun chief who forced young man to drink poison for allegedly stealing two ears of corn
Osun State Police Command has confirmed the arrest of a chieftaincy title holder identified as Chief Ajibade Gbenga, the Ejimo of Ipetu-Ijesa, for allegedly forcing a young man to drink a poisonous substance over alleged theft.
LIB reported that the incident occurred in the Ireti Ayo area of Ilesa a week ago after the 25-year-old man identified as Ebenezer, allegedly stole two ears of corn from Ajibade’s farm. Read here
The spokesperson of the command, Abiodun Ojelabi, who confirmed the arrest in a statement on Thursday, August 7, said investigation had commenced into the matter.
Ojelabi also disclosed that the victim’s father d!ed of shock after some people informed him that his son had d!ed of poisoning after being caught stealing.
In a short video posted by Osun journalist Isaac Haastrup, the chief was seen holding a cutlass and later forcing the young man to drink from a cup containing the poisonous substance.
“After he was forced to drink the substance, Chief Ajibade left him to go. We quickly rushed the boy to Wesley Guild Hospital, Ilesa where doctors eventually neutralise the effect of the poison,” a source told the punch.
“But when all that was going on, someone went to the house of the father of the victim and told him that his son had been poisoned for stealing corn and died. The man was seized by shock.
“He eventually d!ed. But the boy that drank poison is alive and stable. Police have arrested the suspect in his hometown in Ipetu Ijesa and moved him to Osogbo for further investigations.”
Giving more clarification about the incident, the PPRO, during a chat with the publication, identified the suspect as Chief Ajibade, aged 62 years.
“The boy allegedly stole two pieces of corn from the man’s farm. The man caught the suspect, beat him up and mixed a substance and forced the boy to drink it,” he said.
“The boy drank it, but with the help of the good people around, they rushed the boy to a hospital. He was rushed to Wesley Guild Hospital.
“Doctors at the hospital sustained him and he did not d!e. The doctors stabilised him. But the news of the incident reached the father of the boy that was caught stealing.
“Some people went to the father and told him that his son had d!ed of poisoning after being caught stealing corn. The father immediately gave up the ghost.
“The boy is alive. But his father d!ed of shock. The matter has been reported and we have the suspect here with us. Investigation will continue into the matter,” Ojelabi said.
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