The Economic and Financial Crimes Commission (EFCC) has taken Precious Williams, the Managing Director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, before a Federal High Court sitting in Port Harcourt for allegedly orchestrating a large-scale investment scam valued at approximately ₦13.8 billion.
Williams was arraigned before Justice S.I. Mark on Tuesday on a 14-count charge related to conspiracy, fraudulent collection of funds under false pretence, and extensive money laundering. The EFCC brought the case to court after receiving numerous complaints from individuals who claimed to have been deceived into investing money with her and her affiliated companies.
According to the EFCC, between August 2019 and February 2020, Williams reportedly received ₦10 billion through a Sterling Bank account operated by her company. The money was allegedly funneled from Maxwell Chizi Odum—currently on the run—and his company, MBA Trading and Capital Investment Ltd.
The anti-graft agency alleged that Williams was fully aware that the funds originated from fraudulent activities but still accepted them.
The funds, the EFCC said, were collected from thousands of unsuspecting individuals who were promised enticing monthly returns ranging from 10 to 15 percent on their investments—a promise that turned out to be false.
Furthermore, the EFCC stated that Williams, in conjunction with Pelegend Nigeria Ltd, received an additional sum exceeding ₦1 billion through a Polaris Bank account between December 2019 and November 2020. These transactions, the agency claims, were also linked to fraudulent activities carried out under similar pretences.
When the charges were read to her in court, Williams entered a plea of not guilty to all the allegations. Following her plea, the prosecution counsel, E.K. Bakam, urged the court to fix a date for the commencement of trial and requested that the defendant be remanded in custody pending further proceedings.
In contrast, the defense counsel, Tochukwu Maduka, SAN, asked the court to grant Williams bail, emphasizing the importance of her being able to properly prepare for her legal defense. However, Bakam argued that the bail application was filed before the amended charges and thus could not be considered valid at the time.
Justice Mark sided with the prosecution, stating that the bail application was indeed premature. He instructed that a fresh bail application must be submitted for proper consideration by the court.
As a result, the judge ordered that Williams be remanded at the Port Harcourt Correctional Centre. The court adjourned the case to June 17, 2025, when the new bail application will be heard.
What you should know
Precious Williams is accused of participating in one of Nigeria’s most significant investment frauds, allegedly aiding a larger scheme led by Maxwell Chizi Odum of MBA Trading and Capital Investment Ltd.
With over 3,000 victims and billions of naira involved, the case underscores increasing concerns about unregulated investment platforms and the urgent need for financial awareness and enforcement actions in Nigeria.
