The Economic and Financial Crimes Commission (EFCC) has arraigned Precious Williams, Director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, before the Federal High Court in Port Harcourt over her alleged role in a ₦13.8 billion Ponzi scheme linked to MBA Trading and Capital Investment Limited.
Williams faces a 14-count charge before Justice S.I. Mark, including conspiracy, obtaining money by false pretence, advance fee fraud, and money laundering. The charges arise from an EFCC investigation into a fraudulent investment operation allegedly masterminded by Maxwell Chizi Odum, the now-fugitive founder of MBA Trading.
According to court documents, between August 2019 and February 2020, Williams and her companies—Glossolalia Nigeria Ltd, Pelegend Nigeria Ltd, Phenom 413 Events Ltd, and Doxasterz Oil and Gas Ltd—allegedly received over ₦10 billion through a Sterling Bank account. These funds were traced to over 3,000 victims, who were promised monthly returns of 10–15% on their investments.
Another charge revealed that Pelegend Nigeria Ltd received over ₦1 billion from MBA Trading between December 2019 and November 2020 through a Polaris Bank account. The EFCC argues Williams knew, or should have known, that the money was derived from criminal activity.
Despite the promises made to investors, returns were never paid, and the original capital was never refunded, leading to widespread financial losses.
Williams pleaded not guilty to all charges. Prosecution counsel E.K. Bakam requested that she be remanded and that a trial date be set. Defence counsel Tochukwu Maduka, SAN, applied for bail, but the EFCC opposed the application, saying it was premature, having been filed before formal arraignment and amendment of charges.
Justice Mark remanded Williams to the Port Harcourt Correctional Centre and adjourned the case to June 17, 2025, for hearing on bail.
The EFCC said Williams played a key role in promoting the scheme via her companies and social media platforms. Many victims have petitioned the agency, calling for justice and recovery of lost funds.
