The Scam
Emmanuel Nwude the mastermind behind the scam had previously worked as a director of the Union Bank of Nigeria. His banking background gave him access to the knowledge, documentation and links that made him more believable when it came to executing his scam. Emmanuel’s experience as a bank director meant that he had ample knowledge of how to conduct himself in a business setting and probably had a certain confidence about him that put his victims at ease.
To execute his scam Emmanuel impersonated Paul Ogwuma, who at the time was the governor of the Central Bank of Nigeria. His accomplices were Emmanuel Ofolue, Obum Osakwe, Nzeribe Okoli and the Ikechukwu’s, a husband and wife duo. With the help of his accomplices and his new identity, Emmanuel was able to connect with Nelson Sakaguchi, the then director of the Brazilian bank, Banco Noroetse.
Emmanuel pitched the idea of getting the Brazilian bank involved in developing the Nigerian economy by investing in the building of a new airport in Nigeria’s capital, Abuja. Emmanuel sweetened the deal for Nelson by informing him that should the deal be successful, he would be in line to pocket $10 million as commission. The promise of a hefty payout was enough to intrigue Nelson and he fell for the scam. Between 1995 and 1998 he paid the fraudsters $191 million in cash and the remaining $51 million in the form of outstanding interest from Banco Noroetse.
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