The Economic and Financial Crimes Commission (EFCC) has charged Precious Williams, a director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, with orchestrating an alleged N13.8 billion Ponzi scheme. Williams faced a 14-count charge of conspiracy, obtaining money by false pretence, advance fee fraud, and money laundering before Justice S.I. Mark at the Federal High Court in Port Harcourt, Rivers State. The case is linked to Maxwell Chizi Odum, the fugitive founder of MBA Trading and Capital Investment Limited, whose Ponzi scheme allegedly defrauded thousands of Nigerians.
Details of the Charges
The EFCC alleges that between August 2019 and February 2020, Williams received N10 billion through Glossolalia Nigeria Ltd’s Sterling Bank account from Odum’s MBA Trading, knowing the funds were proceeds of fraudulent activities. The scheme reportedly lured over 3,000 Nigerians with promises of 10% to 15% monthly returns on investments. Another charge claims that from December 2019 to November 2020, Williams and Pelegend Nigeria Ltd received N1.005 billion via a Polaris Bank account, also derived from Odum’s illicit activities. These actions violate Section 15(2)(b) of the Money Laundering (Prohibition) Act, 2011, and are punishable under Section 15(3).
Court Proceedings
Williams pleaded not guilty to all charges. EFCC counsel E.K. Bakam requested a trial date and sought her remand in a correctional facility. Williams’ lawyer, Tochukwu Maduka, SAN, urged the court to grant bail, arguing she needed time to prepare her defense. However, Bakam opposed the bail application, citing its premature filing before the amended charges and arraignment. Justice Mark ordered Williams’ remand at the Port Harcourt Correctional Center and adjourned the case to June 17, 2025, for a bail hearing.
Background of the Ponzi Scheme
The EFCC’s case stems from MBA Trading and Capital Investment Limited, led by Odum, who remains at large and was declared wanted in December 2021. The company allegedly defrauded thousands by promising unsustainable 15% monthly returns, collapsing under its Ponzi structure. Williams, arrested in April 2021 following victim petitions, is accused of laundering funds received from Odum through her companies for personal gain. The EFCC continues its pursuit of Odum and other associates to recover stolen funds and deliver justice.
Broader Context
This arraignment follows a string of EFCC actions against Ponzi scheme operators, reflecting Nigeria’s ongoing battle against financial fraud. Recent cases include the unfreezing of N89 million in bank accounts linked to illegal crypto dealings and the prosecution of CBEX promoters for an alleged $1 billion scam, as reported on June 11, 2025. The EFCC’s efforts underscore the agency’s commitment to tackling financial crimes amid Nigeria’s economic challenges, including naira devaluation and inflation, which have fueled fraudulent investment schemes.
