EFCC Arraigns Precious Williams for Alleged N13.8 Billion Ponzi Scheme Involving Over 3,000 Victims
The Economic and Financial Crimes Commission (EFCC), Port Harcourt Zonal Directorate, has arraigned Precious Williams—director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd—in connection with a staggering N13.8 billion Ponzi scheme. The charges include conspiracy, obtaining money under false pretence, advance fee fraud, and money laundering.
Williams appeared before Justice S.I. Mark of the Federal High Court, Port Harcourt, on a 14-count charge involving illegal financial activities linked to the notorious MBA Trading and Capital Investment Limited.
The Allegations
According to the EFCC, Williams allegedly laundered billions of naira traced to Maxwell Chizi Odum, the fugitive founder of MBA Trading and Capital Investment Limited. Odum has been on the run since being declared wanted in December 2021 for orchestrating a large-scale Ponzi scheme that defrauded over 3,000 Nigerians.
The EFCC alleges that Williams facilitated money laundering by channeling funds through the corporate accounts of her companies. The money, which was fraudulently obtained from unsuspecting investors under the guise of yielding 10% to 15% monthly returns, was allegedly moved through multiple accounts belonging to her entities.
Sample of the Charges
One of the charges reads:
“That you, Precious Williams of Glossolalia Nigeria Limited; Pelegend Nigeria Limited, Phenom 413 Events Limited (company representative at large), and Doxasterz Oil and Gas Limited, between August 24, 2019, and February 15, 2020, at Port Harcourt… directly took possession of N10 billion from Maxwell Chizi Odum and MBA Trading and Capital Investment Limited through your Sterling Bank account, knowing the funds were proceeds of unlawful activity.”
Another count alleges that between December 17, 2019, and November 13, 2020, Williams received over N1 billion through a Polaris Bank account linked to Pelegend Nigeria Limited—again, funds alleged to be proceeds from defrauded investors.
These offences are said to contravene Section 15 (2)(b) of the Money Laundering (Prohibition) Act, 2011 (as amended), and are punishable under Section 15(3) of the same Act.
Court Proceedings
During the hearing, Williams pleaded not guilty to all 14 counts. EFCC counsel, E.K. Bakam, requested a trial date and applied for her remand in custody. However, her defence team, led by Senior Advocate of Nigeria (SAN) Tochukwu Maduka, urged the court to consider a bail application.
Bakam opposed the bail request, pointing out that it was filed prematurely—prior to the amended charge and proper arraignment—rendering it procedurally invalid. The EFCC maintained that the defence should file a new, proper application.
Justice Mark sided with the prosecution, ordering that Williams be remanded at the Port Harcourt Correctional Center. The court adjourned the case to June 17, 2025, for the bail hearing.
Background: The MBA Ponzi Scandal
Williams’ prosecution is part of a broader crackdown on associates of Maxwell Chizi Odum, whose firm, MBA Trading and Capital Investment Limited, lured thousands of Nigerians with promises of impossibly high returns on investment. Victims were told their money would generate 15% interest monthly—a hallmark red flag of Ponzi schemes.
Following mounting petitions and public outcry, the EFCC launched a manhunt and legal offensive to recover stolen funds and bring all co-conspirators to justice. Williams’ arrest and arraignment stem from her alleged role in laundering proceeds from the fraudulent scheme for personal gain, beginning in April 2021.
What This Means
The case underscores the EFCC’s commitment to pursuing financial criminals and signals that associates who help conceal or move illicit funds will also be held accountable. As more victims continue to come forward, the legal net around MBA’s collapsed empire appears to be tightening.
With Williams in custody and her bail pending, the Nigerian judiciary is set to weigh in on one of the most high-profile white-collar crime cases in recent memory.
