A notorious Ponzi scheme operator, Umanah Umanah has been sentenced to 20 years in prison in Uyo, the Akwa Ibom state capital.
Umanah was brought before Justice Agatha Okeke of the Federal High Court sitting in Uyo by the Uyo Zonal Command of the Economic and Financial Crimes Commission.
Trouble started for the ponzi scheme operator in 2020 when he was arrested by operatives of the EFCC following a petition by one of his victims, who alleged that Umanah swindled him of over N2.9million and subsequently issued him a N500, 000. 00 cheque, which was dishonored by the bank because the account was not funded.
During investigation, the commission discovered that the defendant lured his victims through bogus promises of return on investment of up to 50% in seven days through his company, No Burn Global Limited, with a network of the ponzi scheme in several states of the federation.
He was subsequently arraigned on Friday, October 16, 2020 on a two-count charge bordering on issuance of dud cheque, forgery and uttering; offences which contravened the provisions of Section 1 (2) (C) of the Miscellaneous Offences Act Cap M17 of the Revised Edition (Laws of the Federation of Nigeria) 2007 and punishable under Section 1 (2) of the same Act. He pleaded “not guilty” upon arraignment, setting the stage for his full trial.
The prosecution, through its counsel, Adebayo Soares presented three witnesses and tendered several documents which were admitted in evidence.
Delivering judgment, the court said the prosecution had proven its case beyond reasonable doubt and convicted Umana on both counts of the charge.
Justice Okeke sentenced Umana to ten years imprisonment on each count, to run concurrently, starting from the date of his arrest.
One of the counts on which he was convicted reads; “That you, Umanah Ekaette Umanah on or about the 31st day of July, 2017 at Uyo within the jurisdiction of this Honourable Court did make a forged document to wit: United Bank of Africa (UBA) cheque with cheque number: 73131308 of NO BURN GLOBAL STAKEHOLDERS MULTIPURPOSE by appending your signature on the said cheque leaflet when not being a signatory to the account of NO BURN GLOBAL STAKEHOLDERS MULTIPURPOSE domiciled with UBA, knowing same to be false and with the intent that it may be acted upon as genuine and thereby committed an offence contrary to Section 1 (2) (C) of the Miscellaneous Offences Act Cap M17 of the Revised Edition (Laws of the Federation of Nigeria) 2007 and punishable under Section 1 (2) of the same Act”.
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