Connect with us

NEWS

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

Published

on

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.

RELATED NEWS  Over 100 Homes Destroyed as Flood Hits Kebbi Villages

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.

RELATED NEWS  Lagos Govt seals hotels, churches, gas plant over noise pollution

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.

RELATED NEWS  𝐄𝐛𝐨𝐧𝐲𝐢’𝐬 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐃𝐞𝐬𝐭𝐢𝐧𝐲: 𝐅𝐮𝐦𝐛𝐥𝐞𝐝 𝐛𝐲 𝐔𝐳𝐨𝐫 𝐓𝐨𝐜𝐡𝐮𝐤𝐰𝐮 𝐎𝐤𝐨𝐫𝐢𝐞’𝐬 𝐋𝐞𝐚𝐝𝐞𝐫𝐬𝐡𝐢𝐩 - 𝑨 𝑪𝒂𝒔𝒆 𝒇𝒐𝒓 𝒕𝒉𝒆 𝑰𝒎𝒎𝒆𝒅𝒊𝒂𝒕𝒆 𝑺𝒂𝒄𝒌 𝒐𝒇 𝒕𝒉𝒆 𝑰𝑪𝑻 𝑪𝒐𝒎𝒎𝒊𝒔𝒔𝒊𝒐𝒏𝒆𝒓

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.

Share

Discover more from Naijanewstoday

Subscribe to get the latest posts sent to your email.

Hi, I’m Babawale Busari — a passionate storyteller, content creator, and observer of the world around me. I share compelling stories, current events, digital trends, and insightful commentary that spark thought and conversation. Whether it’s news, culture, tech, or everyday experiences, I believe every detail matters. Thanks for stopping by — let's explore the world, one post at a time.

TRENDING

Discover more from Naijanewstoday

Subscribe now to keep reading and get access to the full archive.

Continue reading