Meet the biggest Nigerian fraudster in history who “sold a fake airport” to a Brazilian for $242m

In this retro series, Legit.ng bring to you the story of Emmanuel Nwude who committed the largest fraud in the country by selling a non-existent airport to a Brazilian for $242 million between 1995 and 1998.

The rise of internet fraud commonly known as 419 is one phenomenon Nigeria has come to be associated it. Before internet fraud became a global issue, Nwude had committed one of the biggest scams in the world. Specifically, his fraud was the third largest banking scam in the world after the Nick Leeson's trading losses at Barings Bank, and the looting of the Iraqi Central Bank by Qusay Hussein.

How was Nwude able to carry out this jaw-dropping scam and convince Nelson Sakaguchi who was the director of the bank to part with so much money for the purchase of an airport?

Nwude was a former director of Union Bank of Nigeria and this position made him privy to some links, information and documents that other persons would not be aware of. He impersonated the then governor of the Central Bank of Nigeria, Paul Ogwuma, and connected with Sakaguchi informing him of a mouth-watering deal of Nigeria’s plan to build an airport in Abuja.

In 1997, the Spanish Banco Santander wanted to take over the Banco Noroeste and a joint board meeting was held in December of that year. Officials of the Spanish bank noted that half of the Brazilian bank’s capital was at Cayman Islands unmonitored. This raised questions as this was two-fifths of Noroeste's total value.

Investigation began and was carried out in Brazil, Britain, Nigeria, Switzerland, and the United States. Although the sale of the Bank still went on as the owners of the bank paid $242 million bill, the nak still collapsed in 2001.

The birth of the EFCC

In 2002, the then president, Olusegun Obasanjo saw to the establishment of an anti-graft agency, the Economic and Financial Crimes Commission (EFCC). Nwude’s fraud case one of the first to be investigated and in 2004, all members of the gang were arraigned before an Abuja High Court on 86 counts of "fraudulently seeking advance fees" and 15 counts of bribery related to the case . Although they pleaded not guilty, they were warned not to attempt to bribe court officials as it was suspected that money was going round.

In 2005, Amaka confessed to helping Anajemba and was asked to repay $25.5 million and also sentenced to two and a half years in prison.

Nwude attempted to bribe Nuhu Ribadu, the then chairman of the EFCC, with $75,000 cash but the latter refused and Nwude was charged with attempted bribery as well as attempt to kidnap a prosecuting witness.

Following Sakaguchi's witness, Nwude finally pleaded guilty and was sentenced to five concurrent sentences of five years and was also asked to pay $10 million fine to the federal government.

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He was released from prison in 2006 and filed a case to reclaim his assets insisting some of them were acquired before the criminal act. He has so far been able to reclaim $167 million.

Aftermath

A land dispute in the town of Ukpo in the Dunukofia area with Abagana community turned bloody when over 200 men invaded the community killing four policemen and the security guard at the construction site in 2016. The Anambra state government fingered Nwude as the ringleader and he was subsequently arrested and arraigned on 27 charges including murder and terrorism. He is being held at Awka prison as the court case is still on.

While Nwude’s criminal exploit was not the first in the country, it signified the rise in international financial crime and popularise the advanced fee fraud syndrome with Nigeria's name associated with it.


https://www.legit.ng/1100779-the-story-emmanuel-nwude-carried-biggest-scam-nigeria.html

Really?
$242m biggest scam in Nigeria? are you sure you are even a Nigerian?
this should almost be midnight in Nigeria, if you are in Nigeria just go to bed already.

This story don old naa

owelle

Rubbish , the biggest scam in the history of the world is the coterie of Buhari and Tinubu using tribalism and fascism to grab power and turn on Nigerians

ChristineC:
Really?
$242m biggest scam in Nigeria? are you sure you are even a Nigerian?
this should almost be midnight in Nigeria, if you are in Nigeria just go to bed already.

what's your point?

Why dig up an old story to help tarnish your own image

Nwunde again.

Their names is always in crime

Hmm

ChristineC:
Really?
$242m biggest scam in Nigeria? are you sure you are even a Nigerian?
this should almost be midnight in Nigeria, if you are in Nigeria just go to bed already.

Thank you

emmancipated:
Why dig up an old story to help tarnish your own image

He thinks he is doing the Igbo's, not knowing he is doing himself ....smh

What is this?

ChristineC:
Really?
$242m biggest scam in Nigeria? are you sure you are even a Nigerian?
this should almost be midnight in Nigeria, if you are in Nigeria just go to bed already.

Walai the story is true... Google is your friend sir

This dude will prolly be in one of those countries with strict extradition law

Where is Nwude from? That doesnt sound like Yoruba name at all at all.

Kwenu! Kwenu!! Kwenu!!!

The greatest scam ever is the federal government of Nigeria dats the honest truth i am countryless kanu was right naija is a zoo

tillaman:
This dude will prolly be in one of those countries with strict extradition law

No. he is in akwa ibom prison serving 25yrs.
I was forced to do this after seeing ibos digging up old news just because of their fraud news in the us. who does that and to be honest the west are learners when it comes to big time fraud.
https://www.thetimes.co.uk/article/bank-director-sent-dollar242m-to-nigeria-to-pay-for-airport-l8hnlp7j872

kemmylove101:

No. he is in akwa ibom prison serving 25yrs.
I was forced to do this after seeing ibos digging up old news just because of their fraud news in the us. who does that and to be honest the west are learners when it comes to big time fraud.
https://www.thetimes.co.uk/article/bank-director-sent-dollar242m-to-nigeria-to-pay-for-airport-l8hnlp7j872

are you for real??
Were they able to get the money from him?
Omo SW dey learn from them Okoros! Those SE guys do it big! Oloun wa

kemmylove101:

No. he is in akwa ibom prison serving 25yrs.
I was forced to do this after seeing ibos digging up old news just because of their fraud news in the us. who does that and to be honest the west are learners when it comes to big time fraud.
https://www.thetimes.co.uk/article/bank-director-sent-dollar242m-to-nigeria-to-pay-for-airport-l8hnlp7j872

Emmanuel Nwude ( owelle abagana ) is presently in his village ...he is not in any prison.... He moves around Enugu and Abuja as well

Nwude wasn't the brain behind that deal...it was a young boy that was later killed by these men due to greed... Even anajemba Hu was their leader was also killed

Beverlyjean:


Emmanuel Nwude ( owelle abagana ) is presently in his village ...he is not in any prison.... He moves around Enugu and Abuja as well

Nwude wasn't the brain behind that deal...it was a young boy that was later killed by these men due to greed... Even anajemba Hu was their leader was also killed

You guys will talk as if una they live in the same house. check wikipedia.
https://en.m.wikipedia.org/wiki/Emmanuel_Nwude

amuwo1980:
Rubbish , the biggest scam in the history of the world is the coterie of Buhari and Tinubu using tribalism and fascism to grab power and turn on Nigerians

Oh please, take a seat.
The biggest scAm was pdp's 16 years

If APC stays in power up to 16 years they will equal it

Minjim:


Oh please, take a seat.
The biggest scAm was pdp's 16 years

If APC stays in power up to 16 years they will equal it

true

kemmylove101:

No. he is in akwa ibom prison serving 25yrs.
I was forced to do this after seeing ibos digging up old news just because of their fraud news in the us. who does that and to be honest the west are learners when it comes to big time fraud.
https://www.thetimes.co.uk/article/bank-director-sent-dollar242m-to-nigeria-to-pay-for-airport-l8hnlp7j872

And you have an elder who is a drug mafia?
How many SE political leaders have been docked as a result of fraud or drugs?
How many leaders of the SE have you seen in fraudulent stuffs?
What of Kashamu?

Cherez:

And you have an elder who is a drug mafia?
How many SE political leaders have been docked as a result of fraud or drugs?
How many leaders of the SE have you seen in fraudulent stuffs?
What of Kashamu?

You are beyond comprehension

kemmylove101:

You are beyond comprehension

Exactly, beyond your comprehensive capacity

Which way Nigeria ?