The Economic and Financial Crimes Commission (EFCC) has arraigned Precious Williams, the director of Glossolalia Nigeria Ltd. and Pelegend Nigeria Ltd., on allegations of defrauding over 3,000 investors of ₦13.8 billion through a Ponzi investment scheme.
Williams appeared before Justice S.I. Mark of the High Court in Port Harcourt on a 14-count charge, including conspiracy, obtaining money under false pretences, and money laundering.
The EFCC alleged that between August 2019 and February 2020, Williams received ₦10 billion in her company’s Sterling Bank account from Maxwell Chizi Odum, who remains at large, and his company, MBA Trading and Capital Investment Ltd. The funds, reportedly proceeds of fraud, were collected from investors under the false promise of 10% to 15% monthly returns.
Additionally, the EFCC accused Williams and Pelegend Nigeria Ltd. of receiving over ₦1 billion between December 2019 and November 2020 through a Polaris Bank account, also suspected to be connected to the fraudulent scheme operated by Odum and MBA TCIL.
Williams pleaded not guilty to all charges. Prosecution counsel E.K. Bakam requested a trial date and urged the court to remand the defendant in custody.
Tochukwu Maduka, counsel to the defendant, requested bail for his client to facilitate adequate trial preparation.
The prosecution opposed the request, stating that the bail application was prematurely filed before the amended charges and arraignment. The court concurred, directing that a new bail application be submitted.
As a result, the judge ordered that Precious Williams be remanded at the Port Harcourt Correctional Centre and adjourned the case to June 17, 2025, for a hearing on the bail application.
The EFCC revealed that Williams’ arrest followed numerous petitions from victims who accused her and her associates of operating under the guise of MBA Trading and Capital Investments Ltd. to defraud the public.
Between 2019 and 2020, they allegedly solicited billions of naira from unsuspecting investors, promising high monthly returns that were never delivered. The agency further alleged that the invested funds were neither refunded nor reinvested.
