He Sold a Fake Airport That Never Existed, and a Bank Actually Paid $242 Million
On paper, it looked like a major infrastructure deal in one of Africa’s fastest-growing capitals. The plan involved building a new international airport in Abuja, Nigeria, backed by official approvals and routed through respected financial channels. In reality, there was no runway, construction site, or airport project of any kind. Yet, a Brazilian bank transferred $242 million anyway.
How a Convincing Fiction Took Shape
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The idea surfaced in the mid-1990s, a period of aggressive global expansion among banks and intense competition for large international projects. Banco Noroeste, a major Brazilian bank based in São Paulo, was actively seeking overseas investments that fit narratives of growth and modernization. A proposed airport in Abuja aligned with that outlook, particularly as Nigeria’s capital was undergoing rapid development and drawing international attention.
The proposal arrived fully formed. Its documentation followed standard formats used in infrastructure financing, the language mirrored official correspondence, and the timeline matched expectations for a project of that scale. Nothing about the paperwork appeared unusual, which is why it was passed through internal channels without triggering immediate concern.
Authority Set the Tone
Credibility even flowed from the identities attached to the project. Emmanuel Nwude, the Nigerian businessman behind the scheme, communicated while impersonating Paul Ogwuma, who was serving as Governor of the Central Bank of Nigeria at the time. Messages carrying that level of institutional authority exerted powerful influence within international banking environments.
Inside Banco Noroeste, the proposal gained momentum through Nelson Sakaguchi, a senior executive who approved the transactions. He was promised a personal commission exceeding $13 million, directly tying his financial interests to the success of the fictitious deal.
When Money Starts Moving
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Between 1995 and 1998, funds moved out of the bank in stages. Approximately $191 million was transferred as principal, with the remaining amount accruing as interest linked to the supposed investment.
The money passed through accounts in several countries, with substantial sums routed to offshore financial centers, including the Cayman Islands.
At the time, the structure followed patterns common to large international developments. Multi-phase payments and overseas holding accounts were standard practice, and the absence of visible construction progress did not prompt decisive action within the bank.
An Accidental Discovery
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The scheme unraveled during events unrelated to the airport project itself. In 1997, Banco Santander of Spain began negotiations to acquire Banco Noroeste. As part of the due diligence process, Santander conducted a detailed review of the bank’s finances.
Executives noticed that a significant portion of Banco Noroeste’s value was sitting offshore without a clear operational explanation. Questions followed, and supporting details proved impossible to verify.
The airport could not be traced to any physical site, and purported official approvals led nowhere. What had been treated as a routine investment was exposed as a fabrication sustained entirely through documentation.
To complete the sale to Santander, the Simonsen and Cochrane families, the owners of Banco Noroeste, absorbed the full $242 million loss themselves. Although the acquisition proceeded, the damage proved lasting. Banco Noroeste later collapsed in 2001, several years after the takeover.
Criminal investigations expanded across Brazil, Nigeria, Switzerland, the United Kingdom, and the United States as authorities traced the flow of funds and identified those involved. By the standards of its time, the case ranked among the largest banking frauds ever uncovered and was widely regarded as the world’s largest known advance fee fraud.
Trials and a Complicated Aftermath
In 2004, Nigerian authorities charged Emmanuel Nwude and several accomplices with numerous counts related to fraud and bribery. The prosecution became the first major test of Nigeria’s newly established Economic and Financial Crimes Commission.
Court proceedings stretched on amid jurisdictional disputes, repeated delays, and heightened security concerns, including a bomb scare that temporarily halted the trial.
Nwude later entered a guilty plea after Sakaguchi testified and received five consecutive five-year sentences, totaling 25 years in prison. His assets were confiscated, and a $10 million fine was imposed. He was released in 2006 after serving part of the sentence.
Legal battles continued after his release. Nwude sought the return of certain assets confiscated by the government, arguing that they had been acquired before the fraud. Courts ultimately allowed him to recover assets valued at more than $52 million.