EFCC Arraigns Precious Williams for Alleged N13.8 Billion Ponzi Fraud in Port Harcourt

The Economic and Financial Crimes Commission (EFCC) has arraigned Precious Williams, director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, before the Federal High Court in Port Harcourt over her alleged involvement in a N13.8 billion fraud linked to a nationwide Ponzi scheme. She was brought before Justice S.I. Mark on Monday, June 16, to face a 14-count charge bordering on conspiracy, advance fee fraud, obtaining money under false pretences, and laundering proceeds of unlawful activity.

The EFCC accuses Williams of being a central figure in a large-scale investment scam operated under the guise of MBA Trading and Capital Investment Limited (MBA TCIL) between 2019 and 2020. Prosecutors allege she facilitated the movement and concealment of illicit funds fraudulently obtained from thousands of Nigerians lured with promises of 10% to 15% monthly returns.

One of the charges details how Williams and several associated companies took possession of N10 billion from MBA TCIL and its founder, Maxwell Chizi Odum—who remains at large—despite knowing the funds were proceeds of unlawful activities. Another charge reveals that Pelegend Nigeria Ltd, one of Williams’ companies, received N1.005 billion through its Polaris Bank account between December 2019 and November 2020 under similarly suspicious circumstances.

According to the EFCC, over 3,000 victims nationwide were defrauded in the scheme. Many were reportedly enticed by aggressive promotions and social media campaigns claiming guaranteed high-yield investments. Investigations have allegedly traced billions of naira through company accounts linked to Williams, with no evidence of legitimate financial operations.

Williams pleaded not guilty to all charges. Prosecution counsel E.K. Bakam requested that the court remand her in custody and set a trial date. Her defence counsel, Tochukwu Maduka (SAN), informed the court of a pending bail application and sought her release to prepare for trial. However, Bakam argued that the application was filed prematurely and urged the court to insist on a fresh one.

Justice Mark ruled that Williams be remanded at the Port Harcourt Correctional Centre and adjourned the case to June 17, 2025, for the bail hearing. The EFCC stated that her arrest followed multiple petitions from victims who claimed their life savings were wiped out after investing in what they now describe as a fraudulent scheme.