EFCC drags Ponzi scheme director to court over alleged N13.8bn fraud in Rivers

The Economic and Financial Crimes Commission (EFCC) has dragged Precious Williams, Director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, to court for her alleged role in a multi-billion naira Ponzi scheme that defrauded over 3000 Nigerians.

The case, involving an alleged N13.8billion fraud, was brought before Justice S.I. Mark of the Federal High Court in Port Harcourt, Rivers State.

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Williams faces a 14-count charge bordering on conspiracy, advance fee fraud, obtaining money under false pretences, and money laundering.

The EFCC alleges that she received and laundered funds from MBA Trading and Capital Investment Limited — a now-defunct investment platform run by the fugitive Maxwell Chizi Odum — under the pretext of high-yield investment returns promising 10% to 15% monthly interest.

According to the charge sheet, between August 2019 and February 2020, Williams allegedly took possession of N10 billion through a Sterling Bank account linked to Glossolalia Nigeria Ltd.

The funds were purportedly funnelled from Odum and MBA Trading, proceeds from defrauding thousands of unsuspecting investors.

A separate charge indicates that from December 2019 to November 2020, she received another N1.005 billion into a Polaris Bank account operated by Pelegend Nigeria Ltd, funds the EFCC also traced to the fraudulent scheme.

 “You, Precious Williams… reasonably ought to have known that the said funds formed part of the proceeds of the unlawful activities of Maxwell Chizi Odum and MBA Trading… of obtaining money under false pretence from over 3000 members of the Nigerian public,” one of the charges read.