EFCC Arraigns Ponzi Scheme Director for Alleged N13.8bn Fraud

The Port Harcourt Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has arraigned Precious Williams, Director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, before Justice S.I. Mark of the Federal High Court sitting in Port Harcourt, Rivers State.

Williams is facing a 14-count charge bordering on conspiracy, obtaining money under false pretence, advance fee fraud, and money laundering to the tune of ?13.8 billion.

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 August 24, 2019 and February 15, 2020, at Port Harcourt, within the jurisdiction of this Honourable Court, directly took possession of the sum of Ten Billion Naira (?10,000,000,000.00) from Maxwell Chizi Odum (still at large) and MBA Trading and Capital Investment Limited (at large), through your Sterling Bank account No. 0064260799, when you reasonably ought to have known that the said funds formed part of the proceeds of unlawful activities.”

Another count reads:
“That you, Precious Williams, and Pelegend Nigeria Limited, sometime between December 17, 2019 and November 13, 2020, at Port Harcourt, took possession of the sum of One Billion, Five Million, Nine Hundred and Four Thousand Naira (?1,005,904,000.00) from MBA Trading and Capital Investment Limited (at large) through Pelegend Nigeria Limited’s Polaris Bank account No. 0139723989, funds reasonably suspected to be proceeds of obtaining money under false pretence from Christian I. Agadaga and over 3,000 other unsuspecting members of the Nigerian public under the pretext of a 10% to 15% monthly investment return.”

All charges are in violation of Section 15(2)(b) of the Money Laundering (Prohibition) Act, 2011 (as amended), and are punishable under Section 15(3) of the same Act.

Williams pleaded not guilty to all the charges. Prosecution counsel, E.K. Bakam, requested a trial date and applied for the defendant’s remand in a correctional facility. However, defence counsel, Tochukwu Maduka, SAN, notified the court of a pending bail application and appealed for bail to enable the defendant prepare for trial.

Bakam objected to the bail request on the grounds that it was premature, having been filed before the amended charge and prior to Williams’ arraignment. He urged the court to require a fresh application.

In his ruling, Justice Mark ordered that the defendant be remanded at the Port Harcourt Correctional Center and adjourned the case to June 17, 2025, for hearing on the bail application.

Williams was arrested in April 2021 following multiple petitions alleging that she fraudulently received money from over 3,000 investors under false pretences and laundered the proceeds for personal use.

According to the petitioners, between 2019 and 2020, the defendant—alongside MBA Trading and Capital Investment Limited (MBA TCIL) and other agents still at large—promoted an investment scheme to the public through marketers and social media, promising 10–15% monthly returns. Investors were also told they could withdraw or reinvest their capital after a six-month period.

However, the scheme allegedly turned out to be fraudulent. The petitioners claim that after collecting billions of naira from unsuspecting investors, the promised returns were never paid, nor was the capital refunded.