Lagos — An elderly man accused of killing a Nigerian diplomat inside a Prague embassy may have been seeking revenge after losing his life savings in a get-rich- quick scheme.

The scheme is possibly tied to the so-called "Nigerian letters" scam, otherwise known as 'advanced fee fraud (419),' reports said yesterday.

Prague police said the 72-year-old retired Czech, whose name was not released, confessed and had been detained pending a murder charge in connection with Wednesday's shooting at the Nigerian embassy.

"The man said his motive for the crime was a financial transaction, from which Nigeria reportedly owed him financial assets,"said a police statement.

Investigators said the pensioner allegedly killed Mr. Michael Waydi, 50, the Nigerian consul to the Czech Republic, and wounded a 37-year-old embassy clerk before surrendering to embassy guards.

The shooting broke out while the gunman and Waydi were arguing in the consul's office.

The victim was pronounced dead at the scene.

Although police won't comment on details of the pensioner's grouse, an embassy chauffeur said the man had lost his life savings in a scam.

He had also visited the embassy "regularly for almost a year" in hopes of getting back his money.

Czech Radio and other media said the man may have been a victim of the Nigerian letters scam, which con artists use to get victims' bank account numbers and steal their money.