Two Nigerians Convicted in $242M Fraud
Fri Nov 18,10:14 PM ET, 2005 LAGOS, Nigeria - Two Nigerians were convicted Friday in an international fraud scheme that led to the collapse of a Brazilian bank, anti-corruption officials said. Frank Nwude and Nzeribe Okoli were found guilty of working with an official of Banco Noroeste of Sao Paolo to steal $242 million over seven years — a fraud related to promised kickbacks on a bogus Nigerian airport contract. The Brazilian bank collapsed as a result of the fraud. According to prosecution documents, a bank worker was promised $13.4 million in kickbacks from an $187 million airport contract if he paid certain fees up front. The bank worker withdrew his bank's funds illegally, transferring the money — up to $4.75 million at a time — to accounts around the world designated by the suspects, according to court documents. Okoli was sentenced to four years in prison, while Nwude received five five-year sentences, to be served concurrently, and was ordered to pay the bank $110 million as well as a $10 million fine, said Ibrahim Lamode, a top official at the Economic and Financial Crimes Commission. A third defendant was convicted earlier in the scheme. Nigeria has earned global notoriety as a base for criminals arranging "advance fee" or "419" scams, named after the section of Nigeria's criminal code that prohibits the schemes.
Nigeria jails woman in $242 mln email fraud case
By Tume Ahemba Sat Jul 16,11:17 AM ET, 2005
A Nigerian court has sentenced a woman to two and half years in jail after she pleaded guilty to fraud charges in the country's biggest e-mail scam case, the anti-fraud agency said on Saturday. Amaka Anajemba, one of three suspects in a $242 million fraud involving a Brazilian bank, would return $48.5 million to the bank, hand over $5 million to the government and pay a fine of 2 million naira ($15,000), the agency said. Scams have become so successful in Nigeria that anti-sleaze campaigners say swindling is one of the country's main foreign exchange earners after oil, natural gas and cocoa. Anajemba's sentencing by a Lagos High Court on Friday is the first major conviction since the Economic and Financial Crimes Commission (EFCC) was established in 2003 to crack down on Nigeria's thriving networks of email fraudsters. The agency said in a statement that the judgment was "a landmark achievement by EFCC in the fight against advance fee fraud, corruption and other related crimes." Typically fraudsters send out junk e-mails around the world promising recipients a share in a fortune in return for an advance fee. Those who pay never receive the promised windfall. Anajemba, whose late husband masterminded the swindling of the Sao Paolo-based Banco Noroeste S.A. between 1995 and 1998, was charged along with Emmanuel Nwude and Nzeribe Okoli. The prosecution said the three accused obtained the $242 million by promising a member of the bank staff a commission for funding a non-existent contract to build an airport in Nigeria's capital Abuja. All three accused pleaded not guilty, but Anajemba later changed her mind to enter a guilty plea in order to receive a shorter sentence. Her prison term was backdated to start in January 2004 when she was first taken in custody. The trial of the two others who maintained their not guilty pleas was adjourned to September. Ranked the world's second most corrupt country after Bangladesh by sleaze watchdog Transparency International, Nigeria has given new powers to the EFCC which is prosecuting about 200 fraud and corruption cases. The anti-fraud agency has arrested over 200 junk mail scam suspects since 2003. It says it has also confiscated property worth $200 million and secured 10 other convictions. ($1=132.70 Naira) Source: http://news.yahoo.com/s/nm/20050716/wr_nm/nigeria_fraud_dc