Emmanuel Nwude: The Man who Sold a Fake Airport for $242 Million

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Emmanuel Nwude, also known as Owelle of Abagana, is an international Nigerian fraudster and former Director of Union Bank of Nigeria. Between 1995 and 1998, Nwude executed one of the largest bank frauds in history, deceiving Nelson Sakaguchi, a director at Brazil’s Banco Noroeste, into investing $242 million in a fictitious airport project in Abuja. The scheme involved $191 million in cash and the remainder in outstanding interest. His accomplices included Emmanuel Ofolue, Nzeribe Okoli, Obum Osakwe, and Christian and Amaka Anajemba. Christian Anajemba was later assassinated.

The fraud, which followed high-profile financial scandals like Nick Leeson’s losses at Barings Bank and the looting of the Iraqi Central Bank, became the third-largest in banking history. The scam was exposed when Banco Santander inquired about the substantial funds unaccounted for in the Cayman Islands. This revelation led to criminal investigations in multiple countries, including Brazil, Britain, Nigeria, Switzerland, and the United States. To facilitate the sale to Santander, the Simonsen and Cochrane families, owners of Banco Noroeste, covered the $242 million loss. Banco Noroeste eventually collapsed in 2001.

Nelson Sakaguchi was later apprehended in New York and extradited to Switzerland for trial related to the fraud.

Aftermath and Trial

In response to the scam, the Nigerian Parliament established the Economic and Financial Crimes Commission (EFCC) in 2002 at the request of then-President Olusegun Obasanjo. In February 2004, Nwude, along with Amaka Anajemba, Emmanuel Ofolue, Nzeribe Okoli, and Obum Osakwe (Christian Anajemba had passed away), was charged with multiple counts of fraud and bribery in Abuja High Court. The court faced allegations of bribery, and Judge Lawal Gumi dismissed the case due to lack of jurisdiction, transferring it to Lagos High Court.

In Lagos, Nwude attempted to bribe Nuhu Ribadu, then head of the EFCC, with $75,000 and faced additional charges for attempted kidnapping of a prosecution witness. By July 2005, Amaka Anajemba pleaded guilty, was sentenced to two and a half years in prison, and ordered to repay $25.5 million. During Nwude’s trial, a bomb scare led to a courthouse evacuation. Nwude and Okoli pleaded guilty and were sentenced to 29 years collectively, with Nwude receiving 25 years. All of Nwude’s assets were seized, and he was fined $10 million. He was released in 2006.

Nwude subsequently filed a lawsuit to recover seized assets, claiming some were acquired before the crime. By May 8, 2015, he had reclaimed at least $52 million, with ongoing hearings in the Lagos Division of the Court of Appeal.

Recent Developments

On August 19, 2016, a violent attack occurred in Ukpo, Dunukofia, allegedly involving a land dispute with Abagana. Emmanuel Nwude was arrested on multiple charges, including murder and terrorism. He was held in Awka Prison but released on bail on December 8, 2016.

As of February 25, 2021, Nwude testified before Justice Mojisola Dada of the Ikeja Special Offences Court, denying knowledge of the $242 million’s source. He, along with lawyers Emmanuel Ilechukwu and Roland Kalu, faced charges of forging documents related to a property ordered to be forfeited. The case was adjourned until May 24, 2021, with no updates on the outcome available.

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