The Economic and Financial Crimes Commission (EFCC) has arraigned Precious Williams, Director of Glossalalia Nigeria Ltd and Pelenged Nigeria Ltd, on a 14-count charge bordering on conspiracy, advance fee fraud, obtaining money under false pretence, and money laundering totaling ₦13.8 billion.
Williams was brought before Justice S. I. Mark at the Federal High Court in Port Harcourt, Rivers State. She pleaded “not guilty” to all charges.
Background of Case:
According to the EFCC, Williams, alongside agents of MBA Trading and Capital Investments Limited (MBA TCIL) and other suspects now at large, allegedly lured over 3,000 victims between 2019 and 2021 by promising monthly returns of 10–15% on investments. Victims were assured they could either withdraw their capital or reinvest after six months. However, the promised returns were never paid, and investors lost both interest and capital.
Williams is accused of laundering the proceeds for personal use, violating Section 15 (2)(b) of the Money Laundering (Prohibition) Act, 2011 (as amended).
Court Proceedings:
Prosecution Counsel E.K. Bakam requested Williams’ remand and a future trial date.
Defence Counsel Tochukwu Maduka (SAN) argued for bail, citing a previously filed application.
The EFCC objected, saying the bail application was filed prematurely, before the charges were amended and before arraignment.
Justice Mark ordered Williams to be remanded in the Port Harcourt Correctional Center, adjourning the case to June 17, 2025, for bail hearing.
This case adds to the growing list of high-profile financial fraud prosecutions involving fake investment schemes in Nigeria.
