The Economic and Financial Crimes Commission (EFCC), Port Harcourt Zonal Directorate, has charged Precious Williams, a director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, in connection with an alleged N13.8 billion Ponzi scheme fraud.
The arraignment occurred before Justice S.I. Mark at the Federal High Court in Port Harcourt, Rivers State.
Williams faces 14 counts, including conspiracy, obtaining money by pretenses, advance fee fraud, and money laundering.
The EFCC stated that Williams allegedly received funds linked to Maxwell Chizi Odum, the founder of MBA Trading and Capital Investment Limited, who remains at large and is accused of laundering the money through corporate accounts.
One of the charges reads: “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 reads: “That you, Precious Williams, and Pelegend Nigeria Limited, sometime between the 17th day of December, 2019 and 13th November, 2020, at Port Harcourt, within the jurisdiction of this Honourable Court, directlytook possession of the sum of One Billion, Five Million, Nine Hundred and Four Thousand Naira (N1,005,904,000.00) only from MBA Trading and Capital Investment Limited (at large) through Pelegend Nigeria Limited’s Polaris Bank PLC Account No. 0139723989, 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.”
Williams pleaded not guilty to all charges. The EFCC counsel, E.K. Bakam, requested a trial date and moved for her remand to a correctional facility.
However, her lawyer, Tochukwu Maduka, SAN, urged the court to consider her bail application, insisting she needed time to prepare for trial. However, the EFCC opposed the application, describing it as premature and improperly filed since it was submitted before the amended charges and formal arraignment.
Bakam opposed the bail plea, arguing that it was filed prematurely before the amended charge and arraignment, and suggested that the defense should file a fresh application.
Justice Mark ruled that the defendant be remanded at the Port Harcourt Correctional Center and adjourned the case to June 17, 2025, for the hearing of the bail application.
In December 2021, the EFCC declared Maxwell Chizi Odum wanted after thousands of Nigerians accused his company, MBA Trading and Capital Investment Limited, of defrauding them through a sophisticated Ponzi scheme. The firm had promised investors exceptionally high returns of 15% monthly interest, and Williams allegedly received funds linked to Odum.
Williams is the latest associate of Odum to face prosecution as the anti-corruption agency intensifies its efforts to recover stolen funds and hold those involved accountable.
She was arrested in April 2021 following multiple complaints from victims who accused her of receiving money from over 3,000 individuals under pretenses and laundering the funds for personal use.
This arraignment is just one in a series of legal actions targeting associates connected to the firm.
