EFCC arraigns ‘ponzi scheme director’ over ‘N13.8bn fraud’

The Economic and Financial Crimes Commission (EFCC) has arraigned Precious Williams, director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd.

She was arraigned for allegedly defrauding over 3,000 investors of N13.8 billion through a phoney investment scheme.

Williams was brought before S.I. Mark, judge of a federal high court in Port Harcourt, on a 14-count charge bordering on conspiracy, obtaining money under false pretence, and money laundering.

According to the EFCC, between August 2019 and February 2020, Williams allegedly received N10 billion through her company’s Sterling Bank account from Maxwell Chizi Odum (still at large) and his company, MBA Trading and Capital Investment Ltd, knowing the funds were proceeds of fraud.

The money had been collected from unsuspecting investors under the false promise of 10 percent to 15 percent monthly returns.

In another charge, the EFCC accused Williams and Pelegend Nigeria Ltd of receiving over N1 billion between December 2019 and November 2020, through a Polaris Bank account, which was also suspected to be part of the proceeds from the fraudulent scheme operated by MBA TCIL and Odum.

Williams pleaded not guilty to all charges. 

E.K. Bakam, prosecution counsel, requested a trial date and asked that the defendant be remanded in custody. 

Tochukwu Maduka, counsel to the defendant, prayed the court to grant his client bail to allow adequate preparation for trial.

However, the prosecution opposed the bail application, arguing that it was filed prematurely before the amended charge and arraignment.

The court agreed, ruling that a new bail application must be filed.

Consequently, the judge ordered that Williams be remanded at the Port Harcourt Correctional Centre and adjourned the case to June 17, 2025, for the hearing of the bail application.

According to the EFCC, Williams was arrested following multiple petitions from victims who alleged that she and her associates, acting under MBA Trading and Capital Investments Ltd, deceived the public into investing billions of naira between 2019 and 2020, with promises of high monthly returns.

These returns were never paid, and the invested funds were neither refunded nor reinvested, the anti-graft agency alleged.