EFCC arraigns ‘ponzi scheme director’ for alleged N13.8b fraud

•Abuse of legal procedures frustrating anti-graft efforts, says ICPC boss
The Economic and Financial Crimes Commission (EFCC) has arraigned Precious Williams, Director of Glossolalia Nigeria Limited and Pelegend Nigeria Limited, for allegedly defrauding over 3,000 investors to the tune of N13.8 billion.

This was as the Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Dr Musa Aliyu, expressed concern over the growing ethical crisis in the legal profession, citing instances of professional misconduct, delay tactics in court processes and the abuse of legal procedures to frustrate anti-corruption efforts.

Williams appeared before S.I. Mark, judge of a Federal High Court in Port Harcourt, Rivers State, on 14 counts bordering on conspiracy, obtaining money under false pretence and money laundering.

She was arrested following multiple petitions from victims, and reportedly received N10 billion through her company’s Sterling Bank account between August 2019 and February 2020.

According to EFCC, she received the money from Maxwell Chizi Odum (still at large) and his company, MBA Trading and Capital Investment Limited knowing the funds were proceeds of fraud.

The EFCC said the money was collected from unsuspecting investors under the false promise of 10 per cent to 15 per cent monthly returns.

The anti-graft agency also accused Williams and Pelegend of receiving over N1 billion through a Polaris Bank account between December 2019 and November 2020.

MEANWHILE, in his goodwill message at the Nigerian Bar Association (NBA) Lagos Branch Annual Law Conference 2025, yesterday, Aliyu called on Nigerian lawyers to recommit to ethical practice and take a front-line role in the fight against corruption.

The NBA conference was held at the MUSON Centre, Onikan, Lagos, with the theme ‘Reimagining the Practice of Law: Ethics, Innovation and the Future of Legal Services’.

According to him, some legal practitioners persist in filing suits challenging the Supreme Court’s decision on the ICPC’s powers of investigation, actions he described as detrimental to the image of the legal profession.

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