EFCC has arraigned Precious Williams, director at Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, on June 16, 2025, before Justice S.I. Mark at the Federal High Court in Port Harcourt, charging her with orchestrating a N13.8 billion Ponzi scheme tied to MBA Trading & Capital Investment Ltd (MBA TCIL).
Prosecutors say Williams faces 14 counts, including conspiracy, advance fee fraud, obtaining money under false pretences, and laundering proceeds of unlawful activity—all stemming from the 2019–2020 investment scam. One charge alleges she took N10 billion from suspect Maxwell Chizi Odum and MBA TCIL via a Sterling Bank account, promising investors 10–15% monthly returns.
Another count details a separate transfer of N1.005 billion from MBA TCIL to her Pelegend Nigeria Ltd Polaris Bank account between December 2019 and November 2020—funds she allegedly knew were fraudulent proceeds.
Williams pleaded not guilty to all charges. EFCC counsel E.K. Bakam urged the court to set a trial date and remand her in custody, but her lawyer, SAN Tochukwu Maduka, requested bail to prepare her defence. The prosecution opposed bail, calling it premature as it was filed before her arraignment and the amended charges.
Justice Mark ordered Williams remanded at Port Harcourt Correctional Centre and adjourned bail proceedings to June 17, 2025. The charges reference petitions by over 3,000 victims reportedly defrauded through social media and agent-led promotions promising high returns on investment.
The EFCC first declared Odum—a key suspect and promoter of MBA TCIL—wanted in December 2021, as investigators work to recover funds and apprehend others implicated in the fraud. Williams’ arraignment highlights the commission’s intensified campaign against online Ponzi schemes.
