Emmanuel Nwude

Emmanuel Nwude
Born Emmanuel Nwude Odinigwe
Nigeria
Nationality Nigerian
Occupation Former Director of the Union Bank of Nigeria
Known for Defrauding $242 million out of Banco Noroeste
Criminal penalty 25 years
Criminal status Released
Partner(s) Emmanuel Ofolue, Nzeribe Okoli, Obum Osakwe, Christian Ikechukwu Anajemba and Amaka Anajemba

Emmanuel Nwude is a Nigerian notable advance-fee fraud artist and former Director of Union Bank of Nigeria,.[1] He is most famous for successfully defrauding a Brazilian man, Nelson Sakaguchi, a Director at Brazil's Banco Noroeste based in Sao Paulo,[2] of $242 million, $191 million in cash and the remainder in the form of outstanding interest,[3] between 1995 and 1998.[4] His accomplices were Emmanuel Ofolue, Nzeribe Okoli, and Obum Osakwe, along with the husband and wife duo, Christian Ikechukwu Anajemba and Amaka Anajemba, with Anajemba later being assassinated.[3][5][6] After Nick Leeson's trading losses at Barings Bank, and the looting of the Iraqi Central Bank by Qusay Hussein, the crime was the largest in banking history.[7]

Fraud

Nwude impersonated Paul Ogwuma, then Governor of the Central Bank of Nigeria,[8] and successfully convinced Sakaguchi to "invest" in a new airport in the nation's capital, Abuja, in exchange for a $10 million commission.[4] In August 1997, the Spanish Banco Santander wanted to take over the Banco Noroeste Brazil. The fraud was uncovered after a December 1997 joint board meeting, in which an official from Santander inquired about why a large sum of money, two-fifths of Noroeste's total value and half of their capital, was sitting in the Cayman Islands unmonitored.[3] This led to criminal investigations in Brazil, Britain, Nigeria, Switzerland, and the United States.[4] To guarantee the sale to Santander, the Simonsen and Cochrane families, the owners of Banco Noroeste, paid the $242 million bill themselves. However, Banco Noroeste collapsed in 2001.[9]

Aftermath and Trial

Initially, because of bribery and corruption in the Nigerian judicial system, Emmanuel Nwude and his accomplices did not face any consequences. However, at the request of Olusegun Obasanjo, then President of Nigeria, the Economic and Financial Crimes Commission was created by the Nigerian Parliament in 2002.[10] In February 2004, Amaka Anajemba, Emmanuel Nwude, Emmanuel Ofolue, Nzeribe Okoli, and Obum Osakwe, with Anajemba deceased at this point, were all arrested and charged in the Abuja High Court with 86 counts of "fraudulently seeking advance fees" and 15 counts of bribery related to the case.[9][11] They pleaded not guilty. They were immediately warned off of bribing the court staff by Abuja High Court judge Lawal Gumi, after he alleged that money was going around.[9] The defense team assured that "nothing would be done to bring scandal to the administration of justice."[9] Four Nigerian companies, Fynbaz, Emrus, Ocean Marketing and the African Shelter Bureau also faced charges and pleaded not guilty.[11] In July 2004, judge Lawal Gumi threw out the case, claiming that since the crime did not take place in Abuja, he had no jurisdiction, and said that the proper place for the case would be the Lagos High Court.[12] The defendants were immediately rearrested after stepping outside the courthouse and the case was moved to Lagos.[12] In 2005, Emmanuel attempted to bribe Nuhu Ribadu, then head of the commission, with $75,000 cash. He was charged in connection to the attempted bribery in addition to the attempted kidnapping of a prosecution witness.[13][14] In July 2005, Amaka Anajemba admitted to helping Anajemba and was sentenced to two and a half years in prison and ordered to repay $25.5 million.[15][16] During Nwude's trial, there was a bomb scare that caused the courthouse to be evacuated.[17] Emmanuel Nwude and Nzeribe Okoli pled guilty after testimony from Sakaguchi in hopes of a more lenient sentence,[13] and were sentenced to 29 years in prison collectively, with Nwude receiving five concurrent sentences of five years, totaling 25, and Okoli receiving four.[18][19] The entirety of Nwude's assets were confiscated to be returned to the victim and a $10 million fine was imposed to be paid to the Nigerian federal government.[13] It was the first major conviction for the EFCC.[20] He was released from prison in 2006.[21][22]

Chief Emmanuel filed a lawsuit to recover his seized assets after he was released from prison, on the grounds that some of the assets were acquired before the offense was committed.[23] He has already reclaimed at least $52 million.[22] As of May 8, 2015, the matter is being heard by the Lagos Division of the Court of Appeal.[23]

See also

References

  1. ↑ Archive copy at the Wayback Machine
  2. ↑ "Central Bank of Nigeria Website. > Cases". Cenbank.org. 2002-01-28. Retrieved 2011-12-15.
  3. 1 2 3 McMafia: A Journey Through the Global Criminal Underworld - Misha Glenny - Google Books. Books.google.com. Retrieved 2013-11-21.
  4. 1 2 3 "Africa | Bank scam trial opens in Nigeria". BBC News. 2004-02-05. Retrieved 2013-11-21.
  5. ↑ "Africa | Nigerian bank fraudsters guilty". BBC News. 2005-11-19. Retrieved 2013-11-24.
  6. ↑ McMafia: A Journey Through the Global Criminal Underworld - Misha Glenny - Google Books. Books.google.com. Retrieved 2013-11-21.
  7. ↑ Financial Fraud - Jon Schiller - Google Books. Books.google.com. 2010-03-17. Retrieved 2013-11-24.
  8. ↑ McMafia: A Journey Through the Global Criminal Underworld - Misha Glenny - Google Books. Books.google.com. Retrieved 2013-11-21.
  9. 1 2 3 4 "Africa | Bribery warning at '419' trial". BBC News. 2004-02-11. Retrieved 2013-11-24.
  10. ↑ McMafia: A Journey Through the Global Criminal Underworld - Misha Glenny - Google Books. Books.google.com. Retrieved 2013-11-21.
  11. 1 2 "Nigerians charged over scam that sank bank - World". www.smh.com.au. 2004-02-07. Retrieved 2013-11-24.
  12. 1 2 "Africa | Huge Nigeria scam trial collapses". BBC News. 2004-07-20. Retrieved 2013-11-24.
  13. 1 2 3 McMafia: A Journey Through the Global Criminal Underworld - Misha Glenny - Google Books. Books.google.com. Retrieved 2013-11-21.
  14. ↑ "OnlineNigeria.com - Nwude, prison warden face 5-count charge". Nm.onlinenigeria.com. Retrieved 2013-11-21.
  15. ↑ "Africa | Jail for Nigerian bank fraudster". BBC News. 2005-07-16. Retrieved 2013-11-24.
  16. ↑ "Nigeria jails woman in bank scam case - Africa | IOL News". IOL.co.za. 2005-07-17. Retrieved 2013-11-24.
  17. ↑ http://www.jamaicaobserver.com/news/88297_Bomb-scare-disrupts-US-242-million-fraud-trial
  18. ↑ "Fraudsters jailed after $240m scam". ZDNet. 2005-11-21. Retrieved 2013-11-24.
  19. ↑ "IRIN Africa | NIGERIA: Financial crimes agency returns millions to Brazilian bank | Nigeria | Economy". Irinnews.org. 2005-11-23. Retrieved 2013-11-21.
  20. ↑ http://news.google.com/newspapers?nid=888&dat=20051205&id=dvdRAAAAIBAJ&sjid=jXIDAAAAIBAJ&pg=6748,6062960
  21. ↑ Peel, Michael (2008-10-31). "Nigeria anti-graft drive threatened". FT.com. Retrieved 2013-11-21.
  22. 1 2 "419 Case: Nwude Recovers Seized Assests". Nm.onlinenigeria.com. 2008-10-31. Retrieved 2013-11-21.
  23. 1 2 http://allafrica.com/stories/201505081697.html
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