He later moved to the Union Bank of Nigeria where he retired as Managing Director and Chief Executive Officer in the late 1980s.
Ogwuma liquidating 20 distressed banks over a three-year period in an effort to clean up the financial system and restore confidence.
A group of fraudsters, one of whom posed as Ogwuma, convinced a senior officer of a Brazilian bank to pay this amount to fund a fictitious contract with the Ministry of Aviation.
The fraudsters were eventually brought to trial by the Economic and Financial Crimes Commission under Nuhu Ribadu in 2004.
[7] The Central Bank was used as a source of personal funds by General Sani Abacha, military ruler from November 1993 until his sudden death in June 1998.