By Blessing Omale, Abuja
The Economic and Financial Crimes Commission (EFCC) has arraigned Precious Williams, the 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, over alleged involvement in a N13.8 billion investment fraud scheme.
This was disclosed in a statement by Dele Oyewale, Head of Media and Publicity for the EFCC, on Monday.
Williams is facing a 14-count charge bordering on conspiracy, obtaining money under false pretence, advance fee fraud, and money laundering.
The charges stem from her alleged role in laundering billions of naira obtained through fraudulent investment schemes promoted by MBA Trading and Capital Investment Limited (MBA TCIL), whose founder, Maxwell Chizi Odum, is currently at large.
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… took possession of the sum of Ten Billion Naira (₦10,000,000,000.00) from Maxwell Chizi Odum and MBA Trading and Capital Investment Limited through your Sterling Bank account, when you reasonably ought to have known that the said funds formed part of the proceeds of unlawful activities.”
Another charge alleges that between December 17, 2019, and November 13, 2020, Williams and Pelegend Nigeria Limited received ₦1,005,904,000 from MBA TCIL through their Polaris Bank account, also suspected to be proceeds of fraudulent investment schemes.
According to the EFCC, the funds were obtained under the guise of a bogus investment programme that promised unsuspecting Nigerians 10% to 15% monthly returns.
Over 3,000 individuals were reportedly defrauded through the scheme, with victims enticed via social media campaigns and word-of-mouth marketing between 2019 and 2020.
The Commission stated that instead of delivering on the promised returns or returning the capital to investors, the defendants allegedly diverted the funds for personal use.
When the charges were read to her in court, Williams pleaded not guilty.
Following her plea, EFCC counsel, E.K. Bakam, requested that the court set a trial date and remand the defendant in a correctional facility.
He also opposed the defence’s bail application, which was filed by senior advocate Tochukwu Maduka (SAN), arguing that it was premature since it was submitted prior to the amendment of the charge and before the defendant’s arraignment.
Justice S.I. Mark, in his ruling, ordered that Williams be remanded at the Port Harcourt Correctional Center and adjourned the matter till June 17, 2025, for the hearing of the bail application.
Williams was arrested in April 2021 following a series of petitions filed by victims who accused her of playing a key role in collecting their funds and facilitating laundering activities linked to the MBA TCIL fraud scheme.
The EFCC reaffirmed its commitment to ensuring justice for the victims and holding all parties involved accountable.
