‘No Burn Global Limited’ Ponzi Scheme Operator Bags 20 Years Jail Term

The Federal High Court sitting in Uyo, Akwa Ibom State, has sentenced one Mr. Umanah Umanah to twenties years jail term over an allegation of fraud.

Mr. Umanah was said to be a hardened Ponzi scheme operator who had defrauded a large number of Nigerians of their valuables.

The convict whose Ponzi scheme name was, ‘No Burn Global Limited’, specialized at telling people to invest a certain amount of money to get double in return within a specific period.

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Umanah Umanah’s tactics hit brick walls in 2020 after he was arrested and arraigned by the Economic and Financial Crimes Commission (EFCC) following a correspondence by one of his victims.

The victim told EFCC that Umanah defrauded him of over N2.9million (Two Million, Nine Hundred Thousand Naira) and later issued him a cheque of N500, 000. 00 (Five hundred thousand Naira) which he could not cash out as a result of insufficient funds.

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Further investigation revealed that the defendant persuaded his victims through lavish promises of return on investment of up to 50% in seven days through his company, No Burn Global Limited, with a network in several states of the federation.

In her judgment, the presiding judge, Federal High Court, Uyo, Justice Agatha Okeke found Mr. Umanah Umanah guilty of the charges preferred against him and sentenced him to twenties years jail term.