Notorious Ponzi scheme operator, Umanah Umanah, has been sentenced to 20 years in prison in Uyo, the Akwa Ibom State capital.
The Uyo Zonal Command of the Economic and Financial Crimes Commission, EFCC brought Umanah before Justice Agatha Okeke of the Federal High Court in Uyo.
Trouble started for the ponzi scheme operator in 2020 when he was arrested by EFCC operatives following a petition by one of his victims, who alleged that Umanah swindled him of over N2.9 million.
He was said to have subsequently issued his customer a N500,000 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 Umanah on both counts of the charge.
Justice Okeke sentenced Umanah 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”.
Umanah and his ill-fated Resources Managers Limited
The emergence of suspicious wonder Banks in Nigeria could be traced to the Port Harcourt businessman and Chief Executive of Resources Managers Limited, Mr. Umanah Umanah in the early ’90s.
He stunned the residents of Port Harcourt in Rivers State during the period, when his finance outfit carefully crafted a scheme through which the firm allegedly swindled countless number of unsuspecting Nigerians.
The Umanah wonder bank located on Aggrey Road, Port Harcourt was a booming business as the teeming depositors thronged a number of commercial banks, withdrew their deposits and placed them in the bank.
Twenty two years ago, Umanah, and his company, Resources Managers Limited, Port Harcourt, were charged before the Federal High Court, with the offence of operating an illegal bank without a licence.
Investigation by Straightnews shows that Umanah was alleged to have relocated to Uyo where he founded Canton Forest located along Udotung Ubo Street, Uyo where many unsuspecting customers were allegedly swindled.
