“These returns were never paid, and the invested funds were neither refunded nor reinvested,” the EFCC alleged.
The Economic and Financial Crimes Commission (EFCC) has arraigned Precious Williams, director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, over an alleged N13.8 billion investment fraud.
Williams was arraigned before Justice S.I. Mark of the Federal High Court, Port Harcourt, on a 14-count charge of conspiracy, obtaining money under false pretence, and money laundering.
The EFCC alleged that between August 2019 and February 2020, Williams received N10 billion via Sterling Bank from Maxwell Chizi Odum (still at large) and MBA Trading and Capital Investment Ltd, knowing the funds were proceeds of fraud.
She also allegedly received over N1 billion through Polaris Bank between December 2019 and November 2020.
Williams pleaded not guilty. Prosecuting counsel E.K. Bakam opposed bail, stating it was “filed prematurely.”
The court ordered her remand at Port Harcourt Correctional Centre and adjourned to June 17, 2025, for the bail hearing.
The EFCC said victims had filed multiple petitions, citing unpaid promised returns.