The Economic and Financial Crimes Commission (EFCC), Port Harcourt Zonal Directorate, arraigned Precious Williams, Director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, on Monday, June 16, 2025, over her alleged involvement in a N13.8 billion Ponzi scheme. Williams faced a 14-count charge including conspiracy, advance fee fraud, obtaining money under false pretence, and money laundering before Justice S.I. Mark of the Federal High Court in Port Harcourt.
According to the EFCC, Williams played a key role in a large-scale investment scam orchestrated between 2019 and 2020 involving MBA Trading and Capital Investment Limited and its promoters, including Maxwell Chizi Odum, who remains at large. The scheme promised unsuspecting investors monthly returns of 10% to 15%, but defrauded over 3,000 Nigerians. The EFCC alleges Williams knowingly received billions of naira from these unlawful activities through various corporate bank accounts, including N10 billion via a Sterling Bank account and over N1 billion through a Polaris Bank account.
Williams pleaded not guilty to all charges. Following her plea, the prosecution requested her remand and a trial date, while her defense counsel, Senior Advocate Tochukwu Maduka, filed a bail application. The prosecution opposed the bail request as premature, leading Justice Mark to remand Williams at the Port Harcourt Correctional Centre and adjourn the bail hearing to June 17, 2025.
The EFCC continues efforts to apprehend other suspects linked to the fraud and has warned the public against Ponzi schemes, highlighting their destructive impact on individuals and the economy. The commission is also intensifying preventive measures through awareness campaigns and collaboration with financial regulators to combat financial fraud.
