EFCC Arraigns Precious Williams Over ₦13.8 Billion Ponzi Scheme in Port Harcourt
The Economic and Financial Crimes Commission (EFCC), Port Harcourt Zonal Directorate, has arraigned Precious Williams, the director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, on multiple charges connected to a massive ₦13.8 billion Ponzi scheme allegedly perpetrated in conjunction with the now fugitive Maxwell Chizi Odum and the defunct investment firm MBA Trading and Capital Investment Ltd.
Williams appeared before Justice S.I. Mark of the Federal High Court sitting in Port Harcourt on a 14-count charge, including conspiracy, obtaining money under false pretenses, and money laundering.
The EFCC alleged that Williams played a key role in laundering billions of naira linked to fraudulent investment activities that duped thousands of unsuspecting Nigerians.
According to the EFCC, between August 2019 and February 2020, Precious Williams allegedly received over ₦10 billion through a Sterling Bank account operated by Glossolalia Nigeria Ltd. The funds were said to have originated from Maxwell Odum and his firm, MBA Trading and Capital Investment Ltd, which was notorious for offering unrealistic returns of 10 to 15 percent per month to investors.
Further investigations revealed that Williams also allegedly received over ₦1 billion through a Polaris Bank account in the name of Pelegend Nigeria Ltd. These transactions were traced back to the same fraudulent investment scheme.
The EFCC stated that MBA Trading, through social media advertising and a network of agents, lured over 3,000 individuals into investing their savings, with promises of quick and consistent returns.
However, many investors were neither paid their promised interest nor refunded their capital.
During her arraignment, Precious Williams pleaded not guilty to all 14 counts. EFCC counsel E.K. Bakam informed the court that a bail application had already been filed by the defense but argued that it was premature since it was filed before Williams’ arraignment.
In response, Williams’ lawyer, Tochukwu Maduka (SAN), urged the court to consider the bail request, stressing that the defendant needed adequate time and freedom to prepare her defense.
Justice Mark, however, refused the bail application and ordered that the defendant be remanded at the Port Harcourt Correctional Centre.
The court adjourned the case to June 17, 2025, for the hearing of the bail application.
In a statement released after the arraignment, the EFCC reiterated its commitment to bringing all those involved in the scheme to justice. The commission noted that Maxwell Chizi Odum remains at large but assured the public that efforts were ongoing to apprehend him and other accomplices.
“The scale of this fraud is alarming. Thousands of Nigerians were affected, and the EFCC is determined to ensure full restitution and accountability,” the statement read.
The MBA Trading scandal is one among several high-profile Ponzi schemes that have rocked Nigeria in recent years.
Many of these schemes exploit economic hardship and limited financial literacy, promising incredible returns only to collapse and leave investors in ruin.
The EFCC has intensified its crackdown on such fraudulent entities and individuals, warning the public to remain vigilant and report suspicious investment offers.
As the case against Precious Williams proceeds, Nigerians will be watching closely to see if justice will be served—not only for the victims of MBA Trading but also as a signal that financial crimes will no longer go unpunished.
