A Federal High Court in Port Harcourt has ordered the remand of Precious Williams over her alleged role in a massive ₦13.8 billion Ponzi scheme.
The Economic and Financial Crimes Commission (EFCC) disclosed in a statement on Monday that Williams was arraigned on a 14-count charge.
The charges involve conspiracy, obtaining money under false pretence, and money laundering.
Williams is said to be a director at Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd.
According to the EFCC, she allegedly received billions of naira linked to Maxwell Chizi Odum and MBA Trading and Capital Investment Ltd, both currently at large, who reportedly defrauded over 3,000 Nigerians by promising investment returns of 10% to 15% monthly.
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, sometime between the 24th day of August, 2019 and 15th day of February, 2020, at Port Harcourt, within the jurisdiction of this Honourable Court, directly took possession of the sum of Ten Billion Naira (N10,000,000,000.00) only from Maxwell Chizi Odum (still at large) and MBA Trading and Capital Investment Limited (at large) through your Sterling Bank PLC Account No. 0064260799, when you reasonably ought to have known that the said funds formed part of the proceeds of the unlawful activities, of Maxwell Chizi Odum (still at large) and MBA Trading and Capital Investment Limited (at large) of obtaining money under false pretence from one Christian I. Agadaga and over three thousand (3000) other unsuspecting members of the Nigerian public, under the pretext that it was for investment purposes that will yield for them 10% to 15% interest per month, and you, thereby committed an offence contrary to Section 15 (2)(b) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.”
Another charge revealed that Williams allegedly received ₦1.005 billion through a Polaris Bank account registered to Pelegend Nigeria Ltd, also tied to the same fraudulent scheme.
During Monday’s proceedings, Williams pleaded not guilty to all charges.
Prosecuting counsel, E.K. Bakam, requested that the court fix a trial date and remand the defendant in custody. However, Williams’ defence counsel, Senior Advocate of Nigeria Tochukwu Maduka, informed the court that a bail application had been submitted.
Bakam opposed the application, arguing that it was premature since it had been filed before the amended charges and before the formal arraignment.
In her ruling, Justice S.I. Mark ordered that Precious Williams be held at the Port Harcourt Correctional Centre.
The judge adjourned the case to June 17, 2025, for the bail hearing.
