Anti-Crimes Commission arraigns company director for N13.8 billion Ponzi scheme fraud
A Director of Glossolalia Nigeria Limited and Pelegend Nigeria Limited, Precious Williams, has been arraigned for money laundering involving N13.8 billion allegedly obtained through a fraudulent investment scheme.
Penpushing reports that the Economic and Financial Crimes Commission (EFCC) arraigned Williams on Monday before the Federal High Court, sitting in Port Harcourt, Rivers State, on 14 counts.
The Economic and Financial Crimes Commission (EFCC) explained that alongside money laundering, the counts comprise conspiracy, advance fee fraud, and obtaining money under false pretence.
Penpushing further reports Dele Oyewale spokesperson of the agency in a statement said the charges stemmed from a complex fraud allegedly orchestrated in collaboration with Maxwell Chizi Odum (still at large) and MBA Trading and Capital Investment Limited (also at large).
The statement added that the defendant allegedly received billions of naira into various corporate bank accounts as part of the scheme, adding that she used different entities for the scheme.
Penpushing also reports that Oyewale explained that they are Glossolalia Nigeria Limited, Pelegend Nigeria Limited, Phenom 413 Events Limited (company representative at large) and Doxasterz Oil and Gas Limited.
The statement stated that sometime between 24 August 2019 and 15 February 2020, Williams took possession of N10 billion from Maxwell Chizi Odum and MBA Trading and Capital Investment Limited through Sterling Bank account number 0064260799, knowing the funds were proceeds of unlawful activity involving over 3,000 unsuspecting investors.
Penpushing reports that another charge alleged that the accused, through a Polaris Bank account, received N1.005 billion between December 2019 and November 2020, knowing the money was part of fraudulent proceeds.
The Economic and Financial Crimes Commission (EFCC) said the funds were collected under the false pretense of offering 10 to 15 per cent monthly returns on investments, which were never paid back.
Penpushing further reports that during her arraignment on Monday, Williams pleaded not guilty to all charges, and following her plea, prosecution counsel E.K. Bakam requested the court to remand her and fix a date for trial.
The Defence counsel Tochukwu Maduka, who is a Senior Advocate of Nigeria (SAN), informed the court of a pending bail application and urged the court to grant bail to allow the defendant to prepare for her defence.
Penpushing also reports that, the prosecution, however, opposed the application, arguing that it was premature as it was filed before the charge amendment and formal arraignment, but the prosecution counsel asked the court to reject the application and request a fresh filing.
The judge, Mark, however, ruled in favour of the prosecution, ordering that the defendant be remanded in the Port Harcourt Correctional Centre, and subsequently adjourned the matter to 17 June 17, 2025 for a bail hearing.
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