In a dramatic twist to one of Nigeria’s largest financial scams in recent years, the Economic and Financial Crimes Commission (EFCC) has arraigned Precious Williams, the embattled Director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, for allegedly orchestrating a sprawling Ponzi scheme that swindled over 3,000 unsuspecting Nigerians out of a staggering ₦13.8 billion.
Williams, who stands at the centre of a complex financial web linked to the now-defunct MBA Trading and Capital Investment Limited, was brought before Justice S.I. Mark of the Federal High Court sitting in Port Harcourt, Rivers State, to answer to a 14-count charge. The charges range from conspiracy and obtaining money under false pretences to advance fee fraud and high-level money laundering.
According to the EFCC, between August 2019 and February 2020, Williams allegedly received ₦10 billion into a Sterling Bank account operated by Glossolalia Nigeria Ltd. Investigations revealed the funds originated from Maxwell Chizi Odum — the self-styled investment mogul turned fugitive — and his firm MBA Trading and Capital Investment Ltd. The cash, EFCC insists, were the illicit proceeds of a fraudulent investment platform that lured Nigerians with promises of mouthwatering returns of 10% to 15% monthly interest.
Further damning evidence shows that between December 2019 and November 2020, another ₦1.005 billion was funneled into a Polaris Bank account operated by Pelegend Nigeria Ltd, also under Williams’ directorship. The prosecution claims these transfers were direct proceeds of Odum’s Ponzi activities.
One of the charges reads: “You, Precious Williams, reasonably ought to have known that the said funds formed part of the proceeds of the unlawful activities of Maxwell Chizi Odum and MBA Trading — namely, obtaining money under false pretence from over 3,000 members of the Nigerian public.”
Williams, composed but visibly tense, pleaded not guilty to all 14 counts. EFCC’s prosecuting counsel, E.K. Bakam, promptly requested the court to remand the defendant and fix a date for trial. However, her defence counsel, Senior Advocate of Nigeria (SAN) Tochukwu Maduka, argued that a bail application had already been filed and urged the court to consider her release to enable proper preparation for trial.
Bakam objected, stating that the bail motion was premature and procedurally flawed, having been filed before the amended charges were served and prior to the arraignment.
Justice S.I. Mark, after hearing both sides, ordered the remand of Williams at the Port Harcourt Correctional Center and adjourned the case to June 17, 2025, for hearing of a fresh bail application.
The Backstory: A Trail of Broken Trust and Billion-Naira Losses
Williams was arrested in April 2021 after a series of scathing petitions from investors who lost life savings in what they were led to believe was a golden investment opportunity. The EFCC investigation revealed a sophisticated network of bank transactions and shell companies used to launder billions of naira — allegedly in active collusion with Odum, who remains at large.
The case has sent shockwaves through Nigeria’s financial landscape, serving as a stark reminder of the dangers posed by unregulated investment platforms and the lengths some individuals will go to exploit public trust.
As the trial date approaches, all eyes will be on the Port Harcourt courtroom — where justice for thousands of defrauded Nigerians now hangs in the balance.
PIONEER NEWS 