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RSN™ Scam News: A Nigerian Scam History
The Legendary Nigerian Scammer: Emmanuel Nwude
This Is The Story Of Emmanuel Nwude Who Carried Out The Biggest Nigerian Scam In History!
The story of Emmanuel Nwude is an epic story of a scammer who sold a non-existent Nigerian airport to a Brazilian Banker for $242 million between 1995 and 1998.
This is also the story of the rise of online fraud and scams (commonly known as 419) in Nigeria. A phenomenon Nigeria has come to be associated with forever. But before internet fraud became a global issue with wide-ranging criminal organizations, Nwude was legendary for 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. Even to this day, questions remain about how Nwude able to carry out this jaw-dropping scam and convince Nelson Sakaguchi, the director of the bank, to part with so much money for the purchase of an airport in Nigeria?
Who Was Emmanuel Nwude?
Nwude was a former director of Union Bank of Nigeria. In his position, it gave him access to confidential internal banking information and documents.
To carry out the scam, in typical Nigerian fashion, he impersonated the then governor of the Central Bank of Nigeria, Paul Ogwuma, and contacted the Brazilian Banker Sakaguchi offering him a sweet deal on the Nigerian Government’s plan to build an airport in the Nigerian city of Abuja. Nwude, pretending to be the Central Bank of Nigeria Governor, told Sakaguchi that he stood to pocket a US$10 million commission when the deal passed through. This being the typical Nigerian scam, focusing on greed and profit as a way to hook the victim.
Sakaguchi paid $191 million in cash and the remainder in the form of outstanding commitments. Not an unreasonable amount for what was offered, but a total scam.
However, Nwude was not alone in his fraudulent scheme. His accomplices were Emmanuel Ofolue, Nzeribe Okoli, and Obum Osakwe, Christian Ikechukwu Anajemba and Amaka Anajemba, with Christian later being assassinated (as a result of the scam). As well as the Nwude husband and wife duo.
The Discovery Of The Scam
Amazingly, this criminal gang was able to convince the director of the Brazilian bank to part with the money. Of course, it was not without work, and false documentation as well. Eventually, Sakaguchi found out he was a victim of one of the largest scam in the world! In 1997, the Spanish Bank “Banco Santander” wanted to acquire the Brazilian Bank “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 in Cayman Islands accounts uncontrolled and unmonitored. This raised significant control and accounting questions as this was two-fifths of Noroeste’s total assets.
An investigation began and was carried out in Brazil, Britain, Nigeria, Switzerland, and the United States to review the real assets of the Brazilian Bank. Although the sale of the Bank still proceeded as the owners of the Spanish bank paid $242 million for the deal, the world economies were collapsing in 2001 (partly from the Dot Com bust and other balloons).
This Formed The Birth Of The Nigerian EFCC In 2002
The then president, Olusegun Obasanjo saw to the establishment of an anti-graft agency as being essential to governance in Nigeria, and so created the Economic and Financial Crimes Commission (EFCC).
Nwude’s fraud case one of the first to be investigated by the EFCC in 2004, and all of the 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 the defendants pleaded not guilty, they were warned not to attempt to bribe court officials as it was suspected that money was going around. Good luck with that!
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 a Nigerian prison.
Nwude attempted to bribe Nuhu Ribadu, the then chairman of the EFCC, with $75,000 in cash, but Ribadu refused and Nwude was charged with attempted bribery as well as attempting to kidnap a key prosecution witness.
Following Sakaguchi’s testimony, Nwude finally pleaded guilty and was sentenced to five concurrent sentences of five years and was also asked to pay a $10 million fine to the federal government.
Summary
In Typical Nigerian Fashion, The Government Of Nigeria Was The One That Gained The Most.
This is both the lesson and a cautionary tale about Nigerian scams. Even if they get arrested, the government confiscates the money and the victims rarely get anything back. The Nigerian government, by its actions, serve to perpetuate the scam industry by always keeping the money in the country.
Today, the EFCC regularly, and increasingly arrests scammers and Yahoo Boys – but when you peel back the layers you see that these are the independents and the rebel scammers that will not work for the larger cartel organizations. Even with arrests every day in Nigeria today, compared to the 100,000 working scammers, it is a drop in the bucket!
The only solution is to shut this down on a global basis that results in sanctions against the country of Nigeria (and all Western African Countries).
portions reprinted from naij.com
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A Note About Labeling!
We often use the term ‘scam victim’ in our articles, but this is a convenience to help those searching for information in search engines like Google. It is just a convenience and has no deeper meaning. If you have come through such an experience, YOU are a Survivor! It was not your fault. You are not alone! Axios!
A Question of Trust
At the SCARS Institute, we invite you to do your own research on the topics we speak about and publish, Our team investigates the subject being discussed, especially when it comes to understanding the scam victims-survivors experience. You can do Google searches but in many cases, you will have to wade through scientific papers and studies. However, remember that biases and perspectives matter and influence the outcome. Regardless, we encourage you to explore these topics as thoroughly as you can for your own awareness.
Statement About Victim Blaming
Some of our articles discuss various aspects of victims. This is both about better understanding victims (the science of victimology) and their behaviors and psychology. This helps us to educate victims/survivors about why these crimes happened and to not blame themselves, better develop recovery programs, and to help victims avoid scams in the future. At times this may sound like blaming the victim, but it does not blame scam victims, we are simply explaining the hows and whys of the experience victims have.
These articles, about the Psychology of Scams or Victim Psychology – meaning that all humans have psychological or cognitive characteristics in common that can either be exploited or work against us – help us all to understand the unique challenges victims face before, during, and after scams, fraud, or cybercrimes. These sometimes talk about some of the vulnerabilities the scammers exploit. Victims rarely have control of them or are even aware of them, until something like a scam happens and then they can learn how their mind works and how to overcome these mechanisms.
Articles like these help victims and others understand these processes and how to help prevent them from being exploited again or to help them recover more easily by understanding their post-scam behaviors. Learn more about the Psychology of Scams at www.ScamPsychology.org
Psychology Disclaimer:
All articles about psychology and the human brain on this website are for information & education only
The information provided in this article is intended for educational and self-help purposes only and should not be construed as a substitute for professional therapy or counseling.
While any self-help techniques outlined herein may be beneficial for scam victims seeking to recover from their experience and move towards recovery, it is important to consult with a qualified mental health professional before initiating any course of action. Each individual’s experience and needs are unique, and what works for one person may not be suitable for another.
Additionally, any approach may not be appropriate for individuals with certain pre-existing mental health conditions or trauma histories. It is advisable to seek guidance from a licensed therapist or counselor who can provide personalized support, guidance, and treatment tailored to your specific needs.
If you are experiencing significant distress or emotional difficulties related to a scam or other traumatic event, please consult your doctor or mental health provider for appropriate care and support.
Also read our SCARS Institute Statement about Professional Care for Scam Victims – click here to go to our ScamsNOW.com website.
I have just emailed you as well..these guys must have been busy this year. So sad and I am so mad at myself..wish I could go back and deal with this all a different way.
scammers alert:beware of this email – barbraalonso3@gmail.com
nearly send out my money to KL.. she claim that she shipping out asian antiques goods from KL to UK.. but i google around for her identity.. n its true.. her face is in this page.. thank god.. me nearly fall in love with her.. lol..
I want to tell my story
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