EFCC Drags Ponzi Queen to Court Over N13.8 Billion Fraud, 3,000 Nigerians Affected

Over 3,000 Nigerians who invested their hard-earned money into what they believed was a promising financial scheme are now reeling in shock as the EFCC arraigns Precious Williams, alleged mastermind behind a staggering N13.8 billion fraud scheme, at the Federal High Court in Port Harcourt.

Williams, identified as the Director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, stood before Justice S.I. Mark on Monday, June 17, 2025, answering to a 14-count charge including conspiracy, obtaining money by false pretence, and laundering billions through corporate accounts. According to the EFCC, the accused was a central figure in a massive investment scam that lured thousands with promises of unrealistic monthly returns of 10% to 15%.

Between August 2019 and February 2020, Sterling Bank records showed Williams received over N10 billion from Maxwell Chizi Odum—who remains at large—and his company MBA Trading and Capital Investment Ltd. The EFCC insists the defendant knew the money originated from fraudulent dealings, yet continued to operate with reckless financial impunity.

The anti-graft agency further disclosed that another tranche of over N1 billion flowed through Pelegend Nigeria Ltd’s Polaris Bank account between December 2019 and November 2020. Both companies allegedly functioned as funnels for siphoning funds from desperate Nigerians lured by high-return investment pitches that had no legal financial backing or Central Bank clearance.

Courtroom tension escalated when Williams pleaded not guilty to all charges, prompting EFCC counsel, E.K. Bakam, to request her remand while trial preparations began. Her defense, led by Tochukwu Maduka (SAN), urged the court to consider bail, citing the need for adequate trial preparation and her cooperation with authorities.

Justice Mark, however, ruled that the bail application was premature, especially since it was filed before the amendment of the charge and the fresh arraignment. The court ordered that a new bail application be submitted before considering her release, and adjourned proceedings to allow the prosecution and defense prepare for full trial.

The EFCC said investigations are ongoing to trace additional assets and bank movements linked to the fraud. Meanwhile, thousands of victims—many of whom lost life savings—are hoping for justice, as Nigeria continues to battle a growing wave of Ponzi schemes masked as legitimate investment platforms.