The Economic and Financial Crimes Commission (EFCC) has arraigned the director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, Precious Williams, over allegations of defrauding over 3,000 investors to the tune of ₦13.8 billion through a fake investment scheme.
Naija News reports that Williams was docked 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, and money laundering.
According to the EFCC, between August 2019 and February 2020, Williams allegedly received ₦10 billion via a Sterling Bank account operated by her company.
The funds were reportedly sourced from Maxwell Chizi Odum, the fugitive founder of MBA Trading and Capital Investment Ltd (MBA TCIL).
Odum, who is still at large, reportedly ran an elaborate Ponzi-style scheme promising investors monthly returns of 10 to 15 percent — a promise that was never fulfilled.
The commission further accused Williams and Pelegend Nigeria Ltd of receiving over ₦1 billion between December 2019 and November 2020, through a Polaris Bank account suspected to be another funnel for illicit proceeds from the MBA scheme.
Williams, when the charges were read in court, pleaded not guilty to all 14 counts.
E.K. Bakam, counsel to the EFCC, applied for a trial date and urged the court to remand the defendant, while defence counsel, Tochukwu Maduka, requested that bail be granted to allow the accused prepare for her trial.
However, the prosecution opposed the application on procedural grounds, stating that the defence had filed for bail prematurely, as the charges had just been amended and re-read.
Ruling on the matter, Justice Mark ordered the remand of Williams at the Port Harcourt Correctional Centre and directed the defence to file a fresh bail application. The case was adjourned to June 17, 2025, for the bail hearing.
The EFCC revealed that Williams was arrested following multiple petitions from victims of the failed investment scheme.
“She and her associates, operating under MBA Trading and Capital Investments Ltd, deceived thousands of Nigerians into investing billions with the promise of high returns,” the anti-graft agency noted.
The agency added that no returns were ever paid, and the capital invested was neither refunded nor reinvested, leaving thousands of families in financial distress.
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