EFCC Arraigns Ponzi Scheme Operator Over Alleged N13.8bn Fraud
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 an alleged N13.8 billion investment fraud.
Williams is facing a 14-count charge bordering on conspiracy, advance fee fraud, obtaining money by false pretence, and money laundering.
One of the charges reads, “That you, Precious Williams of Glossolalia Nigeria Limited; Pelegend Nigeria Limited, Phenom 413 Events Limited (company representative at large) and Doxasterz Oil and Gas Limited, sometime between the 24th day of August, 2019 and 15th day of February, 2020, at Port Harcourt, within the jurisdiction of this Honourable Court, directly took possession of the sum of Ten Billion Naira (N10,000,000,000.00) only from Maxwell Chizi Odum (still at large) and MBA Trading and Capital Investment Limited (at large) through your Sterling Bank PLC Account No. 0064260799, when you reasonably ought to have known that the said funds formed part of the proceeds of the unlawful activities, of Maxwell Chizi Odum (still at large) and MBA Trading and Capital Investment Limited (at large) of obtaining money under false pretence from one Christian I. Agadaga and over three thousand (3000) other unsuspecting members of the Nigerian public, under the pretext that it was for investment purposes that will yield for them 10% to 15% interest per month, and you, thereby committed an offence contrary to Section 15 (2)(b) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.”
Another reads, “That you, Precious Williams, and Pelegend Nigeria Limited, sometime between the 17th day of December, 2019 and 13th November, 2020, at Port Harcourt, within the jurisdiction of this Honourable Court, directly took possession of the sum of One Billion, Five Million, Nine Hundred and Four Thousand Naira (N1,005,904,000.00) only from MBA Trading and Capital Investment Limited (at large) through Pelegend Nigeria Limited’s Polaris Bank PLC Account No. 0139723989, when you reasonably ought to have known that the said funds formed part of the proceeds of the unlawful activities of Maxwell Chizi Odum (still at large), and MBA Trading and Capital Investment Limited (at large) of obtaining money under false pretence from one Christian I. Agadaga and over three thousand (3000) other unsuspecting members of the Nigerian public, under the pretext that it was for investment purposes that will yield for them 10% to 15% interest per month, and you, thereby committed an offence contrary to Section 15 (2)(b) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.”
She pleaded “not guilty” to all the charges.
Prosecuting counsel, E. K. Bakam, urged the court to fix a trial date and remand the defendant.
Defence counsel, Tochukwu Maduka, SAN, informed the court of a pending bail application and prayed for her release to enable trial preparation.
The prosecution objected, arguing the bail application was “filed prematurely, having been filed before the amendment of the charge and also before the arraignment of the defendant. He, therefore, posited that the defence should file a fresh bail application.”
Justice S. I. Mark ordered the remand of Williams to the Port Harcourt Correctional Centre and adjourned the hearing on the bail application to June 17, 2025.
The defendant was arrested following petitions alleging that “she received money from over 3,000 victims by false pretences and laundering the money for personal use sometime in April 2021.”
Petitioners claimed that “sometime in 2019 and 2020, the defendant alongside MBA Trading and Capital Investments Limited (MBA TCIL) and its agents, advertised to the general public via its marketers and on social media platforms, assuring the public of a monthly 10 to 15 per cent return on funds invested and that after six months, they may withdraw their capital or reinvest it for another six months tenure or as agreed with the company.”
The petition continued, “Following this false pretence, the defendant, alongside other suspects, now at large, allegedly lured members of the public to invest their hard-earned money, which aggregated to billions of naira. They neither paid the advertised returns on investment nor reimbursed the investors.”
Titilope Adako is a talented and intrepid journalist, dedicated to shedding light on the untold stories of Osun State and Nigeria. Through incisive reporting, she tackles a broad spectrum of topics, from politics and social justice to culture and entertainment, with a commitment to accuracy, empathy, and inspiring positive change.
