The Economic and Financial Crimes Commission (EFCC), through its Port Harcourt Zonal Directorate, has officially arraigned Precious Williams, a director of both Glossolalia Nigeria Limited and Pelegend Nigeria Limited, in connection with an elaborate N13.8 billion investment fraud. The arraignment took place before Justice S.I. Mark at the Federal High Court in Port Harcourt, Rivers State.
According to the EFCC, Williams faces a 14-count charge involving conspiracy to defraud, money laundering, advance fee fraud, and obtaining money under false pretenses. Investigators allege that Williams knowingly received and laundered massive funds that originated from Maxwell Chizi Odum—the founder of the now-defunct MBA Trading and Capital Investment Limited—who remains at large.
Details of the Charges: Flow of Billions Allegedly Laundered
In one of the charges brought before the court, EFCC prosecutors claimed that between August 24, 2019, and February 15, 2020, Williams and her companies—Glossolalia Nigeria Ltd, Pelegend Nigeria Ltd, Phenom 413 Events Ltd, and Doxasterz Oil and Gas Ltd—took possession of ₦10 billion. The funds, transferred through a Sterling Bank account, were allegedly sourced from Odum and his firm, MBA Trading and Capital Investment Limited.
The funds, according to the prosecution, were proceeds of fraudulent investments that targeted over 3,000 unsuspecting Nigerians, including one Christian I. Agadaga. Victims were deceived into believing their investments would yield returns between 10% and 15% monthly. The EFCC asserts that Williams had ample reason to suspect the illegitimacy of the funds but moved the money regardless, violating key provisions of the Money Laundering (Prohibition) Act, 2011 (as amended).
Another count highlights how Williams, through Pelegend Nigeria Ltd’s Polaris Bank account, allegedly received ₦1.005 billion between December 17, 2019, and November 13, 2020, from MBA Trading and Capital Investment Ltd. Prosecutors argue that she knowingly laundered funds obtained under false pretenses.
Williams Pleads Not Guilty as EFCC Opposes Bail Application
During court proceedings, Precious Williams entered a plea of not guilty to all 14 charges. EFCC counsel, E.K. Bakam, promptly requested the court to set a trial date and remand the defendant to a correctional facility.
Meanwhile, Williams’ defense counsel, Senior Advocate of Nigeria (SAN) Tochukwu Maduka, urged the court to consider her bail application. Maduka argued that his client required sufficient time and freedom to prepare for the impending trial.
However, Bakam countered the bail request, describing it as premature and procedurally flawed, since it was submitted prior to the amendment of charges and the formal arraignment. He recommended that the defense file a new application in line with proper legal procedures.
Justice Mark concurred with the prosecution’s argument and subsequently ordered that Precious Williams be remanded at the Port Harcourt Correctional Centre. The court adjourned the case until June 17, 2025, for the hearing of the bail application.
Context: EFCC’s Broader Crackdown on MBA Trading Scandal
This prosecution is part of a broader crackdown on individuals and companies linked to Maxwell Chizi Odum, who has remained on the EFCC’s wanted list since December 2021. Odum and his firm, MBA Trading and Capital Investment Limited, are accused of orchestrating a massive Ponzi scheme that promised extremely high returns to investors.
Thousands of Nigerians fell victim to the scheme, which promised monthly interest of 15% on investments—terms that financial analysts widely considered unsustainable and fraudulent from inception.
Precious Williams is among several associates of Odum now facing prosecution. Authorities say they arrested her after multiple victims submitted petitions in April 2021, accusing her of receiving funds on Odum’s behalf and laundering them for personal gain.
EFCC Pursues Justice and Recovery for Victims
This latest arraignment reflects the EFCC’s continued efforts to recover stolen funds and deliver justice to thousands of defrauded investors. Officials stress that the case against Williams serves not only as a criminal prosecution but also as a signal of the commission’s resolve to dismantle financial crime networks and prosecute enablers.
As the case proceeds, Nigerians will be watching closely to see whether Williams will be convicted, and whether any of the billions allegedly siphoned through her companies can be traced, recovered, and returned to victims.
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