The Economic and Financial Crimes Commission (EFCC), Port Harcourt Zonal Directorate, has arraigned Precious Williams, director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, before Justice S. I. Mark of the Federal High Court sitting in Port Harcourt, Rivers State.

Williams is facing a 14-count bordering on conspiracy, obtaining money under false pretence, advance fee fraud, and money laundering to the tune of N13.8 billion. The charges stem from her alleged involvement in a fraudulent investment scheme linked to MBA Trading and Capital Investment Limited.

One of the charges read, “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 August 24, 2019, and February 15, 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… when you reasonably ought to have known that the said funds formed part of the proceeds of unlawful activities.”

Another charge details the alleged receipt of over N1 billion through a Polaris Bank account operated by Pelegend Nigeria Limited, funds the EFCC says were proceeds of fraud.

Williams pleaded “not guilty” to all charges. Prosecution counsel, E. K. Bakam, requested the court to fix a date for trial and asked for the defendant to be remanded in a correctional facility. He also opposed the defendant’s bail application, arguing it was filed prematurely—before the amended charges and prior to arraignment.

Defence counsel, Tochukwu Maduka, SAN, requested that Williams be granted bail to allow her adequate time to prepare her defence.

Justice Mark ruled that the defendant be remanded at the Port Harcourt Correctional Center and adjourned the case to June 17, 2025, for hearing of the bail application.

Williams’ arrest followed petitions alleging that she received funds from over 3,000 victims under false pretence. The EFCC said the fraud was carried out through the promotion of a high-yield investment scheme that promised monthly returns of 10 to 15 percent. Victims were allegedly told they could either withdraw their capital after six months or reinvest, but the company reportedly failed to deliver on both returns and refunds.

Investigations indicate that the scheme involved extensive social media marketing and direct promotions by agents. Other key suspects, including Maxwell Chizi Odum, remain at large.