Emmanuel Nwude, a former Director of Union Bank of Nigeria, who was convicted and sent to jail for 25 years for impersonating the then Governor of the CBN, and defrauded Brazilian Bank, Banco Noroeste, of $240m is now standing trial for 15 counts of forgery & dealing in forfeited property.
Nwude posed as Paul Ogwuma, then CBN Governor convinced Sakaguchi to “invest” in a new airport in Abuja, in exchange for a $10 million commission. Nwude, whose fraud became known as one of the largest bank frauds in history, had offered Nuhu Ribadu “half of the entire loot” as bribe in 2003.
In the current trial, Nwude had asked Justice Dada of Special Offences Court in Lagos to grant a bail application but the Judge dismissed it, describing it as “highly regrettable” .