A Federal High Court sitting in Port Harcourt has remanded one Precious Williams over her alleged involvement in a N13.8 billion Ponzi scheme.
According to a statement by the Economic and Financial Crimes Commission on Monday, Williams was arraigned by the anti-graft agency on a 14-count charge bordering on conspiracy, obtaining by false pretence, and money laundering.
According to the charges, Williams, a director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, allegedly received billions of naira traced to Maxwell Chizi Odum and MBA Trading and Capital Investment Ltd, both at large, who defrauded over 3,000 Nigerians with promises of 10% to 15% monthly investment returns.
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 the 24th day of August, 2019 and 15th day of February, 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 No. 0064260799, when you reasonably ought to have known that the said funds formed part of the proceeds of the unlawful activities, of Maxwell Chizi Odum (still at large) and MBA Trading and Capital Investment Limited (at large) of obtaining money under false pretence from one Christian I. Agadaga and over three thousand (3000) other unsuspecting members of the Nigerian public, under the pretext that it was for investment purposes that will yield for them 10% to 15% interest per month, and you, thereby committed an offence contrary to Section 15 (2)(b) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.”
Another charge involved N1.005 billion received through Pelegend Nigeria Ltd’s Polaris Bank account, linked to the same scheme.
Williams pleaded not guilty to all charges, prompting prosecution counsel, E.K. Bakam, to ask the court for a trial date and her remand in custody.
Defence counsel, Tochukwu Maduka, SAN, notified the court of a pending bail application.
However, Bakam objected, stating the application was premature, having been filed before the amended charges and the arraignment.
Justice S.I. Mark ordered that Williams be remanded at the Port Harcourt Correctional Centre and adjourned the matter to June 17, 2025, for a hearing of the bail application.
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