EFCC Arraigns Ponzi Scheme Director, Precious Williams Over Alleged N13.8 Billion Fraud

The Economic and Financial Crimes Commission (EFCC) in Port Harcourt has arraigned Precious Williams, who is accused of playing a major role in a large-scale investment scam that reportedly defrauded thousands of Nigerians.

Precious Williams, the Director of Glossolalia Nigeria Ltd and Pelenged Nigeria Ltd, appeared before Justice S.I. Mark at the Federal High Court in Port Harcourt on Monday, June 16.

She is facing 14 criminal charges including conspiracy, advance fee fraud, obtaining money under false pretence, and laundering funds suspected to be proceeds of illegal activities.

According to the EFCC, the charges are linked to a fraudulent investment scheme allegedly run between 2019 and 2020 by MBA Trading and Capital Investment Limited (MBA TCIL) and its founder, Maxwell Chizi Odum, who remains on the run.

EFCC claim Williams helped conceal and move huge sums of money that had been collected from unsuspecting investors under the promise of high monthly returns—ranging from 10% to 15%.

One of the charges alleges that she handled as much as N10 billion believed to have come from the scheme.

It 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 (N10,000,000,000.00), from Maxwell Chizi Odum (still at large) and MBA Trading and Capital Investment Limited, when you reasonably ought to have known that the said funds formed part of the proceeds of unlawful activities under the pretext that it was for investment purposes that would yield 10% to 15% interest per month.”

The EFCC also pointed to specific transactions, including one in which N1.005 billion was moved through an account belonging to Pelegend Nigeria Ltd, one of the companies linked to Williams.

According to the anti-graft agency, these transactions allegedly took place between December 2019 and November 2020, with the funds traced back to MBA TCIL.

The commission said Williams should have known that the money she was receiving and handling was connected to fraudulent activities and came from over 3,000 victims across the country.

Precious Williams pleaded not guilty to all the charges.

The EFCC’s lawyer, E.K. Bakam, asked the court to set a trial date and requested that she be kept in custody until her bail status is decided.

But her lawyer, Tochukwu Maduka (SAN), told the court that a bail application had already been filed and asked that she be granted bail so she could properly prepare for her defence.

Bakam objected, saying the bail request was premature because it was filed before Williams was formally arraigned and before the amended charges were served.

He urged the court to dismiss the application and ask for a new one.

After hearing both sides, Justice Mark ruled that Williams be remanded at the Port Harcourt Correctional Centre.

The judge  adjournex the case to June 17, 2025, for a hearing on the bail application.

The EFCC said the charges followed multiple complaints from investors who claimed they were lured into the scheme with promises of easy, high returns.

Many victims said they were convinced to invest after seeing heavy promotions online and through offline channels.

Investigations reportedly uncovered large sums of money moved through company accounts linked to Williams, with no signs that any legitimate investments ever took place.

Precious Williams was arrested in April 2021 after pressure mounted from victims demanding justice and repayment of their funds.

KanyiDaily recalls that the National Assembly passed the Investment and Securities Bill, seeking 10-year jail term for those promoting Ponzi schemes in Nigeria.