A Federal High Court sitting in Port Harcourt, Rivers State, has ordered the remand of one Precious Williams over her alleged involvement in a multi-billion naira Ponzi scheme that defrauded more than 3,000 Nigerians.
Williams was arraigned by the Economic and Financial Crimes Commission (EFCC) on Monday, 16 June 2025. She is facing a 14-count charge bordering on conspiracy, obtaining money by false pretence, and money laundering.
The EFCC’s investigation links her to a total sum of ₦13.8 billion allegedly moved through multiple bank accounts under her control and those of companies associated with her.
According to court filings, Williams serves as a director at Glossolalia Nigeria Limited and Pelegend Nigeria Limited. These companies were allegedly used as conduits for funds linked to Maxwell Chizi Odum and MBA Trading and Capital Investment Limited. Both Odum and his firm are currently at large.
The EFCC alleges that between August 2019 and February 2020, the accused knowingly took possession of ₦10 billion deposited into her Sterling Bank account.
The funds, investigators claim, were transferred from Odum and MBA Capital under false investment pretences. The money was reportedly collected from unsuspecting Nigerians, who were promised returns of between 10 to 15 percent monthly if they invested with the firm.
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Another charge involved ₦1.005 billion received through the Polaris Bank account of Pelegend Nigeria Ltd, also reportedly linked to the same fraudulent scheme.
The anti-graft agency insists that Williams ought to have reasonably known that the funds were proceeds of criminal activity.
The scheme is said to have collapsed after Odum and other key figures vanished, leaving thousands of investors in financial ruin.
Victims of the scam, which was widely publicised across social media platforms between 2019 and 2021, include professionals, business owners, and retirees who were drawn in by the promise of fast, high-yield returns.
During her court appearance, Williams pleaded not guilty to all charges. The EFCC’s prosecution counsel, E.K. Bakam, requested that the court remand her in custody and set a date for trial. He noted that due to the gravity of the alleged offences and the scale of the fraud, her continued detention was necessary to prevent interference with the ongoing investigation.
Williams’ defence counsel, Tochukwu Maduka (SAN), informed the court that a bail application had already been submitted. However, the prosecution objected, arguing that the application was premature since it had been filed before the amended charges were served and before the formal arraignment.
Justice S.I. Mark ruled in favour of the EFCC’s application and ordered that Williams be remanded at the Port Harcourt Correctional Centre. The case was adjourned to 17 June 2025 for a hearing on the bail application.
This development is one of the latest in the EFCC’s ongoing efforts to prosecute individuals and networks involved in fraudulent investment operations across Nigeria.
The Commission has warned members of the public to remain vigilant and verify the legitimacy of any investment offering high returns within short periods.
The whereabouts of Maxwell Chizi Odum remain unknown as of the time of this report. The EFCC has declared him wanted and urged anyone with useful information to contact the nearest EFCC office.
This case has once again raised concerns about the rising trend of Ponzi schemes in Nigeria and the devastating impact such scams have on thousands of innocent citizens who continue to lose life savings to fake investment platforms.
