EFCC Arraigns Company Director Over Alleged N13.8bn Ponzi Scheme

The Economic and Financial Crimes Commission (EFCC) has arraigned a director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, Precious Williams, for allegedly defrauding over 3,000 investors of N13.8 billion through an investment scheme.

Williams was brought 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 pretences, and money laundering.

The EFCC disclosed that between August 2019 and February 2020, Williams allegedly received N10 billion through her company’s Sterling Bank account from Maxwell Chizi Odum, currently at large, and his company, MBA Trading and Capital Investment Ltd, while knowing the funds were fraud proceeds.

The anti-graft agency alleged that the amounts were collected from unsuspecting investors who were promised 10% to 15% in monthly returns, promises never kept.

In another charge, the EFCC accused Williams and Pelegend Nigeria Ltd of receiving over N1 billion through a Polaris Bank account between December 2019 and November 2020, which was suspected to be part of the proceeds from the fraudulent scheme.

Williams pleaded not guilty to all charges.

Counsel for the EFCC, E.K. Bakam, asked the court for a trial date and the defendant to be kept in custody.

However, the counsel for the defendant, Tochukwu Maduka, applied for bail to enable his client to prepare for trial adequately.

The EFCC opposed the application, arguing it was premature, having been made before filing amended charges and arraignment.

The court upheld this view and held that a new application must be made.

Consequently, Justice S.I. Mark adjourned the case to June 17, 2025, for the bail application hearing and ordered that the defendant be remanded at Port Harcourt Correctional Centre.