Port Harcourt, Rivers State– The Economic and Financial Crimes Commission (EFCC) today arraigned Precious Williams, director of Glossalalia Nigeria Ltd and Pelenged Nigeria Ltd, before Justice S. I. Mark of the Federal High Court in Port Harcourt on a 14-count charge involving conspiracy, advance fee fraud, obtaining money under false pretence, and money laundering amounting to N13.8 billion.
Williams is accused of unlawfully possessing vast sums of money, including N10 billion between August 2019 and February 2020 through a Sterling Bank account, and N1.005 billion between December 2019 and November 2020 via a Polaris Bank account.
These funds are alleged to be proceeds from a Ponzi scheme operated with Maxwell Chizi Odum (still at large) and MBA Trading and Capital Investment Limited (also at large).
The scheme purportedly promised investors 10% to 15% monthly returns on their investments.
According to court documents, Williams and her alleged accomplices lured over 3,000 unsuspecting Nigerians to invest billions of naira with the promise of high returns. However, the advertised returns were never paid, nor were the investors’ capital returned.
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Williams pleaded “not guilty” to all charges. The prosecution counsel, E. K. Bakam, requested a trial date and sought the remand of the defendant in a correctional center. Defence counsel, Tochukwu Maduka, SAN, presented a bail application, which the prosecution opposed, arguing it was filed prematurely.
Justice Mark ruled that Precious Williams be remanded in the Port Harcourt Correctional Center. The hearing for her bail application has been adjourned until June 17, 2025.
