Precious Williams, a businesswoman accused of running a large-scale Ponzi scheme, has been brought before a Federal High Court in Port Harcourt by the Economic and Financial Crimes Commission (EFCC).
The agency says she defrauded more than 3,000 people through her companies, Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, collecting over N13.8 billion under false investment promises.
According to the EFCC, Williams appeared before Justice S.I. Mark on a 14-count charge that includes conspiracy, obtaining money by false pretence, and money laundering. She is said to have worked alongside Maxwell Chizi Odum, the founder of the now-defunct MBA Trading and Capital Investment Ltd, who is currently on the run.
The commission noted that between August 2019 and February 2020, Williams allegedly handled N10 billion that came through her company’s Sterling Bank account. Investigators believe this money was originally collected from investors under the claim that it would yield 10 to 15 percent monthly returns. Many of the victims filed complaints after realizing they had been deceived.
In addition, Williams and Pelegend Nigeria Ltd were also accused of receiving more than N1 billion through another account with Polaris Bank between December 2019 and November 2020. These transactions, according to the EFCC, are tied to fraudulent activities connected to the wider investment scam.
When the charges were read in court, Williams pleaded not guilty. The EFCC’s legal representative, E.K. Bakam, asked the court to remand the defendant and set a date for trial. On the other hand, her lawyer, Tochukwu Maduka, requested bail for Williams to allow her legal team to prepare her defence properly.
Bakam opposed the bail request, saying it was too early since the amended charges had just been presented and a fresh arraignment had taken place. The judge agreed, stating that any bail application would have to be refiled.
As a result, Justice Mark ordered that Williams be held at the Port Harcourt Correctional Centre until the next court session. The case has been adjourned to June 17, 2025, when the court will hear arguments on whether she should be granted bail.
