The Economic and Financial Crimes Commission (EFCC) has charged one Precious Williams, the director of two companies, Glossalalia Nigeria Limited and Pelegend Nigeria Limited, before Justice S. I. Mark at the Federal High Court in Port Harcourt, Rivers State.
This was disclosed via a post on the commission’s official X handle (formerly Twitter) on Monday, June 16, 2025.
According to the post, Williams faces allegations related to a Ponzi scheme, which is a type of fraud where returns are paid to earlier investors from the capital contributed by newer investors, rather than from profit.
She is accused of committing 14 different offenses, including conspiracy, fraud, and money laundering, involving a staggering amount of N13.8 billion.
One of the accusations states that between August 2019 and February 2020, Williams is believed to have taken possession of N10 billion from an individual, named Maxwell Chizi Odum and a trading company.
This money was said to have been obtained under false pretenses, promising potential investors monthly returns of 10 to 15 percent on their investments.
The money was allegedly part of illegal activities, and Williams should have known this when she accepted the funds.
Another charge mentions that between December 2019 and November 2020, she reportedly received over N1billion from MBA Trading and Capital Investment, again under the pretense of investment returns.
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Williams pleaded “not guilty” to all the charges, which led the prosecutor, E. K. Bakam, to request a trial date and for her to be held in custody until the trial begins.
Williams’ lawyer, Tochukwu Maduka, requested bail, but the prosecution opposed it, arguing that the bail application was premature, since it was submitted before the charges were formally presented and before the arraignment.
The judge decided to keep Williams in detention at the Port Harcourt Correctional Center and scheduled the hearing for the bail application for June 17, 2025.
Williams was arrested after complaints from over 3,000 individuals who claimed she tricked them into investing money under false pretenses, using the funds for personal gain around April 2021.
