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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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Crime

Police arrest six in FCT ‘one chance’ crackdown

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The Federal Capital Territory Police Command has arrested six suspected members of a “one chance” robbery syndicate.

The operatives noted that one of the suspects died from fatal wound, and it rescued a victim, and recovered the gang’s operational vehicle.

The command’s spokesperson, SP Josephine Adeh, said in a statement on Saturday that the arrests were made on August 6, 2025, by operatives attached to the Anti-One Chance Unit during patrols within the FCT and its environs.

Adeh said officers spotted a victim, identified as Angel Patrick, being pushed out of a moving vehicle along Kubwa Expressway at about 8.30am.

She noted that one team rescued her and took her to Zankwochi Hospital, Mabushi, while another pursued the suspects to the Aso area of Mararaba, Nasarawa State.

The statement partly read, “In a sustained onslaught against armed robbery “one chance” criminal syndicates within the Federal Capital Territory and its environs, operatives of the FCT Police Command attached to the Anti-One Chance Unit have arrested six suspects, neutralized one, rescued a victim, and recovered their operational vehicle.

“On August 6, 2025, at about 08:30 a.m., while on routine patrol with two vehicles, the officers sighted a victim later identified as Angel Patrick, being pushed out of a moving vehicle along Kubwa Expressway. In a swift response, one team stopped to rescue the victim, immediately conveying her to Zankwochi Hospital, Mabushi, for urgent medical attention, while the second team, comprising undercover officers, pursued the fleeing suspects to the Aso area of Mararaba, Nasarawa State.”

She stated that a gun duel ensued during the chase, resulting in the arrest of five suspects — Jude Simon of Mararaba, Emmanuel Akor, Daniel Benson, Uche Thomas, and Tope Ola — all residents of Mpape.

Adeh said one of the suspects was fatally wounded and later confirmed dead at Asokoro General Hospital.

“Following a hot chase and a fierce gun duel, the suspects were forcefully halted. Five were arrested at the scene: Jude Simon of Mararaba, Emmanuel Akor, Daniel Benson, Uche Thomas, and Tope Ola, all males from Mpape who had been on the Command’s wanted list. Their operational vehicle, a dark grey Toyota Corolla, was recovered.

One suspect was neutralized during the exchange of fire and later confirmed dead at Asokoro General Hospital.
Investigations further revealed that one of the suspects: John Simon, had been arrested in December 2024, charged, and remanded in Kuje Correctional Centre for the same offence.”

Adeh said their operational vehicle, a dark grey Toyota Corolla, was recovered alongside six ATM cards, a jackknife, ₦115,000 cash, and other items suspected to belong to previous victims.

“Exhibits recovered from the suspects include: One vehicle, six ATM cards suspected to belong to previous victims, One jackknife, Cash sum of ₦115,000, Other personal items suspected to belong to previous victims.

“The suspects, who freely confessed to being “one chance” operators, admitted they had been involved in the crime for several years now.

“The Commissioner of Police, FCT Command, while applauding the bravery and professionalism of the officers, reaffirmed the Command’s firm commitment to flushing out criminal elements from the FCT. He also urged residents to remain vigilant when boarding vehicles and to patronize only approved motor parks, ” the statement added.

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Crime

Three Ghanaian nationals extradited to US in $100m online fraud case

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Three Ghanaian nationals accused of orchestrating a $100 million online fraud scheme targeting U.S. businesses and vulnerable Americans have been extradited to New York, federal prosecutors announced Friday.

Isaac Oduro Boateng, a/k/a “Kofi Boat,” Inusah Ahmed, a/k/a “Pascal,” and Derrick Van Yeboah, a/k/a “Van,” arrived in New York on August 7 after being extradited from Ghana.

They are scheduled to appear before U.S. Magistrate Judge Robert W. Lehrburger. A fourth defendant, Patrick Kwame Asare, a/k/a “Borgar,” remains at large.

According a post on the FBI website on Friday

“As alleged, Isaac Oduro Boateng, Inusah Ahmed, Derrick van Yeboah, and Patrick Kwame Asare led and participated in an international fraud ring that engaged in a massive conspiracy to defraud vulnerable people and steal from businesses,” said U.S. Attorney Jay Clayton.

“Offshore scammers should know that we, the FBI, and our law enforcement partners will work around the world to combat online fraud and bring perpetrators to justice.”

All these are detailed in a press release dated August 8, 2025, on the United States Attorney’s Office, Southern District of New York.

FBI Assistant Director in Charge Christopher G. Raia said, “Deceiving businesses using email compromise campaigns and tricking innocent elderly victims through fraudulent companionship in order to exploit their trust and finances is not merely appalling but illegal.

“The FBI will continue to ensure anyone who preys on companies and vulnerable Americans online is made to face the criminal justice system.”

Prosecutors say the defendants held senior positions in a Ghana-based network that posed as romantic partners to older victims and used fraudulent emails to trick companies into wiring funds.

After securing the money, the proceeds were allegedly laundered through West Africa, often directed by “chairmen” such as Boateng and Ahmed.

All four defendants face multiple federal charges, including wire fraud, money laundering, and receiving stolen funds, with each wire fraud count carrying a maximum penalty of 20 years in prison.

The case is being handled by the Southern District of New York’s Complex Frauds and Cybercrime Unit.

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Crime

Man sentenced to life imprisonment for r3ping his 7-year-old stepdaughter in Ekiti

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A high court in Ado-Ekiti, Ekiti State has sentenced a 29-yearp-old man, Onilearo Sogo, to life imprisonment for r3ping his 7-year-old stepdaughter.

The Ekiti State Ministry of Justice on Friday, August 8, 2025 announced that the convict has been registered in the state S3x Offenders’ Register.

According to the public notice issued by the ministry, Sogo is currently serving a life term in the Nigeria Correctional Centre, Ado-Ekiti.

Operatives of the Nigeria Security and Civil Defense Corps (NSCDC) Ekiti State Command arrested Sogo in May 2023.

Sogo had canal knowledge of the minor and caused injury in her private part in Aisegba-Ekiti, Gbonyin local government area of Ekiti State.

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