EFCC Drags Company Boss To Court Over Sh*cking ₦13.8 Billion Investment Scam

The Economic and Financial Crimes Commission (EFCC) has arraigned Precious Williams, a director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, for allegedly defrauding over 3,000 investors of ₦13.8 billion through a fraudulent investment scheme.

Williams appeared before Justice S.I. Mark of the Federal High Court in Port Harcourt, facing a 14-count charge that includes conspiracy, obtaining money by false pretence, and money laundering.

According to the EFCC, between August 2019 and February 2020, Williams reportedly received ₦10 billion into a Sterling Bank account linked to her company. The funds allegedly originated from Maxwell Chizi Odum, the now-fugitive founder of MBA Trading and Capital Investment Ltd (MBA TCIL)—a Ponzi scheme operator who promised investors unrealistic monthly returns of 10 to 15 percent.

Further investigations revealed that Pelegend Nigeria Ltd and Williams allegedly received an additional ₦1 billion between December 2019 and November 2020 via a Polaris Bank account, suspected to be another conduit for laundering proceeds from the scam.

Williams pleaded not guilty to all charges when they were read in court. The EFCC’s counsel, E.K. Bakam, requested that she be remanded and a trial date set, while her lawyer, Tochukwu Maduka, applied for bail to allow adequate trial preparation.

However, the prosecution objected, citing procedural issues as the charges had only just been amended and re-read. Justice Mark ordered that Williams be remanded at the Port Harcourt Correctional Centre, and instructed the defence to submit a fresh bail application. The case was adjourned until June 17, 2025, for the bail hearing.

The EFCC disclosed that Williams’ arrest followed numerous petitions from aggrieved investors. The agency stated:

“She and her associates, under the guise of MBA Trading and Capital Investments Ltd, lured thousands of Nigerians with promises of high returns, but never delivered. No investor received any returns or recovered their capital, plunging many into financial hardship.”