EFCC arraigns Ponzi Scheme suspect over alleged ₦13.8bn fraud
By Jeffrey Agbo
The Economic and Financial Crimes Commission (EFCC) has arraigned Precious Williams, the Director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, for allegedly defrauding 3,000 investors of ₦13.8 billion.
Williams was brought before Justice S.I. Mark of the Federal High Court in Port Harcourt to face a 14-count charge, including conspiracy, obtaining money under false pretences, and money laundering.
Her arrest followed numerous petitions from aggrieved investors who accused her of operating a fraudulent investment scheme.
According to the EFCC, investigations revealed that Williams received over ₦10 billion through her company’s Sterling Bank account between August 2019 and February 2020. The Commission said the funds were collected under the guise of high-yield investment returns.
The EFCC alleged that she received the money from Maxwell Chizi Odum (still at large) and his company, MBA Trading and Capital Investment Ltd, knowing the funds were proceeds of fraud.
The EFCC said the money was collected from unsuspecting investors under the false promise of 10 per cent to 15 per cent monthly returns.
The agency also accused Williams and Pelegend Nigeria Ltd of receiving over N1 billion through a Polaris Bank account between December 2019 and November 2020.
However, the accused pleaded not guilty to all charges.
Prosecution counsel E.K Bakam requested a trial date and asked that the defendant be remanded in custody. Still, the defendant’s counsel, Tochukwu Maduka, appealed to the court to grant Williams bail to allow adequate preparation for trial.
Opposing the bail application, Bakam argued that it was filed prematurely before the amended charge and arraignment.
The court agreed, ruling that a new bail application must be filed.
Justice Mark 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.
 has arraigned Precious Williams, the Director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, for allegedly defrauding 3,000 investors of ₦13.8 billion.){kind=link}