Emmanuel Nwude

Emmanuel Nwude Odinigwe is a Nigerian businessman known for defrauding a Brazilian bank of US$242 million to build a fictitious airport.

Nwude formerly served as Director of Union Bank of Nigeria. He defrauded Nelson Sakaguchi, a Director at Brazil's Banco Noroeste based in São Paulo, of $242 million: $191 million in cash and the remainder in the form of outstanding interest, between 1995 and 1998. His accomplices were Emmanuel Ofolue, Nzeribe Okoli, and Obum Osakwe, along with the husband and wife duo, Christian Ikechukwu Anajemba and Amaka Anajemba, with Christian later being assassinated.

After Nick Leeson's trading losses at Barings Bank, and the looting of the Iraqi Central Bank by Qusay Hussein, Nwude's crime was the third largest in banking history. After a large-scale attack on a town in Nigeria in August 2016, Nwude was alleged to be a ringleader and was arrested on murder charges. He was later released.

Fraud Nwude impersonated Paul Ogwuma, then Governor of the Central Bank of Nigeria, and successfully convinced Sakaguchi, a then director at Brazil's Banco Noroeste, to "invest" in a new airport in the nation's capital, Abuja, in exchange for a $10 million commission.

Nelson Sakaguchi was later arrested at New York's John F. Kennedy airport and dispatched to Switzerland to stand trial on charges relating to setting up bank accounts there as part of the fraud.

Aftermath and trial At the request of former Nigerian President Olusegun Obasanjo, the Economic and Financial Crimes Commission was created by the Nigerian Parliament in 2002. In February 2004, Amaka Anajemba, Emmanuel Nwude, Emmanuel Ofolue, Nzeribe Okoli, and Obum Osakwe (Christian Anajemba was 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. They pleaded not guilty. They were immediately cautioned against bribing the court staff by Abuja High Court Judge Lawal Gumi, after he alleged that money was circulating.

The defendants were immediately rearrested after stepping outside the courthouse and the case was moved to Lagos. 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.

During Nwude's trial, there was a bomb scare that caused the courthouse to be evacuated. Emmanuel Nwude and Nzeribe Okoli pleaded guilty after testimony from Sakaguchi in hopes of a more lenient sentence, 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. He was released from prison in 2006.

Nwude 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. He has already reclaimed at least $52 Million. The Anambra State Police Command alleged that Nwude was a ringleader, and arrested him on 27 charges including murder, attempted murder, and terrorist attacks. He was being held at Awka Prison in Anambra State,

He is the president-general of Ugbene town union.

On 25 February 2021, while testifying before Justice Mojisola Dada of the Ikeja Special Offences Court, Nwude denied knowing the source of the $242m that was transferred into his account. Mr. Nwude, after serving part of his 25 year jail term, is back in court alongside two lawyers – Emmanuel Ilechukwu and Roland Kalu.

All three face a 15-count charge of forging the documents of a property Justice Oyewole had earlier ordered Nwude to forfeit to his victims. The property is located at Plot Y, Mobolaji Johnson street, Oregun Alausa, Ikeja, Nigeria. Justice Mojisola Dada adjourned the case until 24 May 2021, for continuation of trial.