The Economic and Financial Crimes Commission (EFCC) has arraigned Precious Williams, Director of Glossalalia Nigeria Limited and Pelegend Nigeria Limited, over an alleged N13.8 billion Ponzi scheme fraud.
Williams was brought before Justice S.I. Mark at the Federal High Court in Port Harcourt on Monday, following a 14-count charge bordering on conspiracy, obtaining money under false pretenses, and money laundering.
According to the EFCC, the accused defrauded thousands of unsuspecting investors between August 2019 and November 2020, promising unrealistic returns of 10 to 15 percent monthly. Among the charges, the EFCC alleges that she received N10 billion from one Maxwell Chizi Odum and a trading company, as well as over N1 billion from MBA Trading and Capital Investment under false investment schemes.
The commission noted that over 3,000 complaints were filed against Williams, accusing her of misappropriating funds meant for investment, which she allegedly used for personal enrichment.
Williams pleaded not guilty to all charges. Prosecuting counsel E.K. Bakam urged the court to remand the defendant and set a date for trial. However, her lawyer, Tochukwu Maduka, applied for bail — a move the prosecution opposed, arguing the application was premature as it was filed before her arraignment.
Justice Mark ordered Williams to be remanded at the Port Harcourt Correctional Center and fixed the bail hearing for Tuesday, June 17, 2025.
The EFCC announced the arraignment via a post on its official X (formerly Twitter) account, reaffirming its commitment to tackling financial crimes and bringing fraudulent investment scheme operators to justice.