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 In law, fraud is intentional deception to secure unfair or unlawful gain (money or other assets), or to deprive a victim of a legal right. Fraud can violate civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compensation) or criminal law (e.g., a fraud perpetrator may be prosecuted and imprisoned by governmental authorities), or it may cause no loss of money, property, or legal right but still be an element of another civil or criminal wrong. The purpose of fraud may be monetary gain or other benefits, for example by obtaining a passport, travel document, or driver's license, or mortgage fraud, where the perpetrator may attempt to qualify for a mortgage by way of false statements.
A fraud can also be a hoax, which is a distinct concept that involves deliberate deception without the intention of gain or of materially damaging or depriving a victim. and scams A Scam is a confidence trick - a crime - is an attempt to defraud a person or group after first gaining their trust through deception. Scams or confidence tricks exploit victims using their credulity, naïveté, compassion, vanity, irresponsibility, or greed and exploiting that. Researchers have defined confidence tricks as "a distinctive species of fraudulent conduct ... intending to further voluntary exchanges that are not mutually beneficial", as they "benefit con operators ('con men' - criminals) at the expense of their victims (the 'marks')". A scam is a crime even if no money was lost. (commonly known as 419 An advance fee scam or fraud (419 scam) is a form of fraud and is one of the most common types of online confidence tricks. The scam typically involves promising the victim a significant share of a large sum of money, in return for a small up-front payment, which the fraudster claims will be used to obtain the large sum. If a victim makes the payment, the fraudster either invents a series of further fees for the victim or simply disappears. The 419 comes from the Nigerian law against this type of scam.) in Nigeria. A phenomenon Nigeria has come to be associated with forever. But before internet fraud became a global issue with wide-ranging criminal A criminal is any person who through a decision or act engages in a crime. This can be complicated, as many people break laws unknowingly, however, in our context, it is a person who makes a decision to engage in unlawful acts or to place themselves with others who do this. A criminal always has the ability to decide not to break the law, or if they initially engage in crime to stop doing it, but instead continues. 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.