NEWS
EFCC Arraigns Ponzi Scheme Operator for Alleged N13.8 Billion Fraud in Port Harcourt

The Economic and Financial Crimes Commission (EFCC) has arraigned Precious Williams, director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, over an alleged N13.8 billion fraud linked to a Ponzi scheme.
Williams was brought before Justice S.I. Mark of the Federal High Court in Port Harcourt on a 14-count charge bordering on conspiracy, obtaining money under false pretence, advance fee fraud, and money laundering.
According to the EFCC, Williams allegedly took possession of funds traced to Maxwell Chizi Odum (still at large) and MBA Trading and Capital Investment Limited. The funds, totaling billions of naira, were said to have been collected from over 3,000 unsuspecting investors under the pretext of monthly returns of 10 to 15 percent.
One of the charges stated that between August 2019 and February 2020, Williams and her companies received N10 billion through a Sterling Bank account from Odum and MBA TCIL. Another charge accused her of collecting over N1 billion through Pelegend Nigeria Ltd’s Polaris Bank account between December 2019 and November 2020—funds allegedly laundered from the same Ponzi scheme.
Williams pleaded not guilty to all charges. Prosecuting counsel E.K. Bakam requested a trial date and for the defendant to be remanded in a correctional facility. Defense counsel, Tochukwu Maduka (SAN), urged the court to grant bail to allow Williams prepare for her defense.
However, the EFCC opposed the bail request, arguing that it was filed prematurely—before the amended charges were served and before the arraignment.
Justice Mark ordered that Williams be remanded at the Port Harcourt Correctional Center and adjourned the case to June 17, 2025, for hearing of the bail application.
Williams was arrested in April 2021 after several petitions accused her of working with MBA TCIL to defraud thousands of Nigerians through a fake investment scheme that promised high returns but delivered none.
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