Emmanuel Nwude’s elaborate scheme led to the collapse of an entire bank.

A man triggered the downfall of an entire bank after managing to sell his employer a fake airport for an astonishing $242 million.

Emmanuel Nwude held a role as a director at the Union Bank of Nigeria. Given his position, he had an extensive understanding of the financial industry and skillfully leveraged this knowledge to his advantage.

One day, Emmanuel made a strategic phone call to Nelson Sakaguchi, who was a director at the Brazilian bank Banco Noroeste.

However, Emmanuel didn’t just introduce himself; he claimed to be someone far more influential – Paul Ogwuma, the governor of the Central Bank of Nigeria at that time.

He then pitched a story, explaining he was in the process of constructing a new airport and needed financial support to bring the project to completion.

From a business standpoint, Sakaguchi likely saw a significant opportunity, as he stood to make $10 million in commission if he secured the funding Emmanuel was seeking.

Emmanuel Nwude arriving at the high court of justice back in 2004 (Associated Press / Alamy Stock Photo)left

Without conducting any serious background checks, the banker agreed to the deal.

Between 1995 and 1998, Emmanuel received a total of $242 million to fund the so-called airport, which no one bothered to verify actually existed.

It wasn’t until 1997, when Banco Noroeste was in the process of being acquired by the financial giant Santander, that discrepancies began to surface, raising red flags.

Banco Noroeste already had half of its funds secured in accounts in the Cayman Islands.

On top of that, they had been supporting a man constructing a non-existent airport.

At this stage, the bank was in a critical financial state, ultimately ceasing operations in 2001.

Once it became clear that Emmanuel had orchestrated a massive scam, authorities launched criminal investigations into how he managed to swindle $242 million from the bank.

Although the sale to Santander did go through, it came at a tremendous loss for Banco Noroeste, one from which they would never recover.

Three years after the bank’s collapse, Emmanuel and his associates found themselves in court. 

However, in 2004, the case was dismissed, leading to their re-arrest so they could be prosecuted in another court.

The group eventually admitted guilt to over 100 charges, including fraud and bribery.

Even as the case progressed, Emmanuel made a last-ditch effort to avoid punishment by offering a $75,000 bribe after one of his accomplices confessed, which only worsened his situation.

Emmanuel was sentenced to a 25-year prison term for his role in defrauding the bank but was granted an early release in 2006.