The Economic and Financial Crimes Commission (EFCC) has arraigned the Director of Glossalalia Nigeria Ltd and Pelenged Nigeria Ltd, Precious Williams for allegedly defrauding over 3,000 victims of N13.8 billion through a Ponzi scheme. The arraignment took place before Justice S. I. Mark at the Federal High Court in Port Harcourt, Rivers State.
Williams faces a 14-count charge including conspiracy, advance fee fraud, obtaining money under false pretences, and money laundering. The EFCC alleges that the fraudulent scheme occurred between 2019 and 2021.
According to EFCC reports, Williams, in collaboration with MBA Trading and Capital Investments Limited (MBA TCIL) and other unnamed suspects, lured the public into investing with promises of a 10–15% monthly return on investment. Investors were also told they could either withdraw their capital after six months or reinvest it for another term. However, no returns were paid, and investors’ funds were allegedly diverted for personal use.
During the court proceedings, Williams pleaded not guilty to all charges. Prosecution counsel E. K. Bakam requested a trial date and asked for the defendant to be remanded in a correctional center. Defense counsel, Tochukwu Maduka, SAN, submitted a bail application, requesting her release to prepare for trial.
Bakam opposed the bail request, arguing that it was premature since it was filed before the charges were amended and before formal arraignment. Justice Mark subsequently ordered that Williams be remanded at the Port Harcourt Correctional Center and adjourned the case to June 17, 2025, for hearing on the bail application.
The EFCC stated that Williams was arrested following multiple petitions alleging she had fraudulently collected billions of naira from unsuspecting investors under false pretences.
