The 10 Notorious African Fraudsters Who Scammed Their Way Into History
Authored by : Ivy Mezongo Esq
From daring Ponzi schemes to cyber heists and billion-dollar banking frauds, Africa has had its share of infamous fraudsters whose exploits shook economies, deceived governments, and left countless victims in financial ruin. These individuals built their wealth through deception, but the long arm of the law eventually caught up with them. Here’s how they did it, how much they made, and how they were brought down.
1. Emmanuel Nwude (Nigeria) – The $242 Million Fake Airport Deal
The Scam:
In the 1990s, Emmanuel Nwude pulled off one of the largest banking frauds in history by impersonating Paul Ogwuma, the then-Governor of the Central Bank of Nigeria. He convinced Banco Noroeste, a Brazilian bank, that Nigeria was building a new airport in Abuja and that investing $242 million in the deal would yield massive returns. The bank wired the funds in installments.
The Downfall:
The scam unraveled in 1997 when Banco Noroeste was sold, and new executives discovered the irregularities. Nigerian authorities launched an investigation, and in 2004, Nwude was arrested. He pleaded guilty and was sentenced to prison, forfeiting most of his assets, including properties and luxury cars.
Estimated Earnings: $242 million
2. Raymond “Hushpuppi” Abbas (Nigeria) – The Instagram Scammer
The Scam:
Hushpuppi flaunted his extravagant lifestyle on Instagram, but behind the scenes, he was orchestrating international cyber fraud. His operation involved Business Email Compromise (BEC) scams, hacking corporate emails to steal funds, and laundering stolen money through fake accounts. His biggest known heist included an attempt to steal $124 million from an English football club.
The Downfall:
In 2020, Dubai police, in collaboration with the FBI, arrested him in a massive raid. Evidence showed he had defrauded over 1.9 million victims worldwide. He was extradited to the U.S., where he pleaded guilty to money laundering and was sentenced to 11 years in prison.
Estimated Earnings: Over $300 million
3. John Kiriamiti (Kenya) – The Bank Robber Turned Writer
The Scam:
In the 1970s, John Kiriamiti became Kenya’s most feared bank robber, executing heists with military precision. Unlike modern fraudsters, his crime was physical – storming banks and walking away with bags of cash.
The Downfall:
In 1971, he was arrested and sentenced to 20 years in prison. After serving his time, he turned to writing, publishing books such as My Life in Crime, which became bestsellers in Kenya.
Estimated Earnings: Undisclosed
4. Jean-Claude Bastos de Morais (Angola) – The Sovereign Fund Swindler
The Scam:
A Swiss-Angolan businessman, Bastos managed Angola’s sovereign wealth fund worth $5 billion. He set up a fraudulent investment scheme where he awarded himself and his associates lucrative contracts, siphoning off over $500 million through inflated fees and offshore accounts.
The Downfall:
Following investigative reports, Angolan authorities arrested Bastos in 2018. He later agreed to return most of the stolen funds in exchange for his release.
Estimated Earnings: Over $500 million
5. Mike Muiruri (Kenya) – The Fake Gold Kingpin
The Scam:
Muiruri specialized in fake gold scams, convincing international buyers they were purchasing large quantities of gold from Kenya. He used counterfeit gold bars, fake export documents, and forged government approvals. Some investors lost tens of millions of dollars before realizing the scam.
The Downfall:
Kenyan police arrested him after one of his victims, a UAE businessman, reported the fraud. Despite being taken to court, Muiruri was released on bail and has since continued operating under different aliases.
Estimated Earnings: Over $100 million
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6. Joseph Kony (Uganda) – The Warlord Who Scammed the World
The Scam:
While notorious as the leader of the Lord’s Resistance Army (LRA), Kony also scammed international donors. He misrepresented humanitarian needs to attract donations, which he used to fund his brutal militia rather than helping displaced communities.
The Downfall:
Kony remains a fugitive, wanted by the International Criminal Court (ICC) for war crimes. Though the LRA has weakened, he continues to evade capture.
Estimated Earnings: Millions in diverted humanitarian aid
7. Floyd Nyakane (South Africa) – The Ponzi Scheme Mastermind
The Scam:
Nyakane ran a classic Ponzi scheme, promising high returns on investments in real estate and Forex trading. He used money from new investors to pay old investors, creating an illusion of profitability. When recruitment slowed, the scheme collapsed.
The Downfall:
After numerous complaints, South African authorities investigated and arrested him. His assets were frozen, but most investors never recovered their money.
Estimated Earnings: Over $50 million
8. Gilbert Chagoury (Nigeria/Lebanon) – The Political Fixer
The Scam:
A billionaire with deep political connections, Chagoury was involved in numerous corruption and money-laundering schemes, including illegal offshore accounts and questionable deals with African governments. His name appeared in the Panama Papers, linking him to secret financial transactions.
The Downfall:
He was fined $1.8 million by the U.S. government for illegal campaign donations. While he remains free, many of his businesses have faced scrutiny.
Estimated Earnings: Billions of dollars
9. Samuel Assoua (Ivory Coast) – The Pyramid Scheme Architect
The Scam:
Assoua ran one of Africa’s largest pyramid schemes, promising exponential returns to investors who recruited others. His scheme attracted thousands of Ivorians before it eventually collapsed, leaving many in financial ruin.
The Downfall:
Authorities arrested Assoua after protests from angry investors. He was convicted and sentenced to prison, though most of the stolen money was never recovered.
Estimated Earnings: Over $200 million
10. The Future of Fraud in Africa
While these fraudsters made history with their schemes, advancements in cybersecurity, financial regulations, and international cooperation are making it harder for such scams to thrive. However, as technology evolves, so do the methods of deception. It is crucial for individuals and businesses to remain vigilant, question deals that seem too good to be true, and demand greater transparency in financial transactions.
