Financial Crimes Takers’ List: Central Bank of Nigeria Faces Multiple Lawsuits Over Nigeria Scams

The Central Bank of Nigeria (CBN) has found itself at the center of numerous financial crime cases, with allegations of advance fee fraud, scams, and corrupt practices casting a long shadow over its reputation. Below are some of the most high-profile cases that have seen individuals and organizations taking the bank to court over scams originating from Nigeria.

Advance Fees Fraud (419) Cases

Alexander Gibb & Others vs Central Bank of Nigeria & others

A group of Canadian residents sued the CBN in Canada, alleging a contract between their Calgary-based corporation, East West Commodities Limited, and the Nigerian Ministry of Housing and Works. The contract, worth US$45 million, was said to have contemplated the supply of generating equipment. Payments under the contract were reportedly not made, and advance fees were paid to various Nigerian Government and Central Bank officials.

Tolliver vs Federal Republic of Nigeria, CBN, NNPC, and Others

An advance fee fraud matter ensued in the United States District Court for the Western District of Michigan. The Plaintiff, Tolliver, sued the Federal Republic of Nigeria (FRN), CBN, NNPC, and several other individuals.

Henry T. Southway & Ors vs CBN & Ors

The Plaintiffs filed an action before the US District Court for the District of Colorado on November 1, 1996, accusing the CBN and others of violating the Racketeer Influenced and Corrupt Organizations Act (RICO), theft, securities fraud, mail fraud, wire fraud, and transfer of stolen property in violation of Colorado and federal laws.

Henry Keller & Anor vs CBN and Ors

In 1994, Henry Keller and his company, H.K. Enterprises Inc., claimed they were approached by individuals posing as Central Bank and Nigerian Government officials. They were convinced to provide access to their bank accounts in exchange for the transfer of US$25.5 million, which was allegedly being held by the CBN as proceeds of an earlier inflated government contract.

Federal Republic of Nigeria vs Chief Emmanuel Nwude Odinigwe, Amaka Anejemba & Others

In 2001, allegations of a financial scam worth US$181.6 million surfaced in Nigeria. The case, which involved a group of Nigerians and a Brazilian named Nelson Sakaguchi, a Director in Banco Noroeste Brazil, generated significant media attention.

These are only a few examples of the various cases that have targeted the Central Bank of Nigeria due to financial crimes and scams originating from Nigeria.