The Economic and Financial Crimes Commission (EFCC) has arraigned the Director of a suspected ponzi scheme, Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, Precious Williams, for allegedly defrauding over 3,000 investors the sum of N13.8 billion.

William’s arrest came after multiple victims petitioned the court stating that she had received N10 billion through her company’s Sterling Bank account between August 2019 and February 2020.

According to the report, Williams had promised the investors 10-15% return on their investments.

The EFCC also disclosed that the suspect received the money from one Maxwell Chizi Odum and his company, MBA Trading and Capital Investment Ltd, who is currently on the run.

The anti-graft agency also alleged that Odum knew that the funds were proceeds of fraud. It also claimed that Williams and Pelegend Nigeria Ltd received over N1 billion through a Polaris Bank account between December 2019 and November 2020.

Charged before the federal high court in Port Harcourt under S.I. Mark, on a 14-count charge bordering on conspiracy, obtaining money under false pretence, and money laundering, the accused pleaded not guilty to all.

The prosecution counsel, E.K Bakam requested a trial date and asked that the defendant be remanded in custody.

However, the defendant’s legal representative, Tochukwu Maduka, appealed to the court to grant Williams bail to allow adequate preparation for trial.

Opposing the bail application, Bakam argued that it was filed prematurely before the amended charge and arraignment.

The court agreed, ruling that a new bail application must be filed.

Justice Mark adjourned the case to June 17, 2025, for the hearing of the bail application and ordered for Williams to be remanded at the Port Harcourt Correctional Centre.