A Federal High Court sitting in Port Harcourt has ordered the remand of Precious Williams, director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, over her alleged involvement in a N13.8 billion fraud.
Justice S.I. Mark presided over the case. Williams was arraign in court by state Zonal Directorate of the Economic and Financial Crimes Commission, (EFCC). The anti-draft agency described it as Ponzi Scheme. Williams is standing trial on a 14-count charge bordering on conspiracy, obtaining money under false pretence, advance fee fraud, and money laundering amounting to N13.8 billion.
The charges involve multiple companies and transactions allegedly linked to the fraudulent activities of Maxwell Chizi Odum and MBA Trading and Capital Investment Limited. One of the charges states that between August 2019 and February 2020, Williams allegedly took possession of N10 billion traced to the accounts of MBA Trading and Capital Investment Limited through her Sterling Bank account, despite knowing the funds were proceeds of unlawful activities.
Another charge alleges that between December 2019 and November 2020, she received over N1 billion from the same company via Pelegend Nigeria Ltd’s Polaris Bank account, with the funds suspected to be part of a fraudulent investment scheme promising 10 to 15 percent monthly returns.
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Williams pleaded not guilty to all charges when arraigned in court, prompting EFCC counsel E.K. Bakam to request her remand and for a trial date to be set. The defence counsel, Tochukwu Maduka, SAN, urged the court to grant her bail, citing the need to prepare for her defence.
However, the prosecution opposed the bail request, arguing that it was filed prematurely—before the amended charges were formally presented and prior to her arraignment. The court agreed with the prosecution and directed the defence to file a fresh bail application.
Justice Mark subsequently ordered that the defendant be remanded in the Port Harcourt Correctional Centre and adjourned the matter to June 17, 2025, for the hearing of the bail application.
Williams’ arrest followed petitions from over 3,000 individuals who claimed they were duped into investing in a scheme promoted by MBA TCIL, with promises of high monthly returns. The victims allege that neither the interest nor their capital was ever refunded.
