The Economic and Financial Crimes Commission (EFCC) has arraigned a Director of Glossolalia Nigeria Limited, Precious Williams for allegedly defrauding over 3,000 investors of N13.8 billion through a phoney investment scheme.
Williams, who is also a Director of Pelegend Nigeria Limited, was brought before Justice Sa’adatu I. Mark, of a Federal High Court in Port Harcourt, the Rivers State capital, on a 14-count charge bordering on conspiracy, obtaining money under false pretence, and money laundering.
According to the EFCC, between August 2019 and February 2020, Williams allegedly received N10 billion through her company’s Sterling Bank account from Maxwell Chizi Odum (still at large) and his company, MBA Trading and Capital Investment Limited, knowing the funds were proceeds of fraud.
The money was said to have been collected from unsuspecting investors under the false promise of 10 percent to 15 percent monthly returns.
In another charge, the EFCC accused Williams and Pelegend Nigeria Limited of receiving over N1 billion between December 2019 and November 2020, through a Polaris Bank account, which was also suspected to be part of the proceeds from the fraudulent scheme operated by MBA TCIL and Odum.
Williams pleaded not guilty to all charges.
Prosecution counsel, E.K. Bakam requested a trial date and asked that the defendant be remanded in custody.
But defence counsel, Tochukwu Maduka prayed the court to grant his client bail to allow adequate preparation for trial.
However, the prosecution opposed the bail application, arguing that it was filed prematurely before the amended charge and arraignment.
The court agreed, ruling that a new bail application must be filed.
Consequently, the judge ordered that Williams be remanded at the Port Harcourt Correctional Centre and adjourned the case to Tuesday, for the hearing of the bail application.
According to the EFCC, Williams was arrested following multiple petitions from victims who alleged that she and her associates, acting under MBA Trading and Capital Investments Limited, deceived the public into investing billions of Naira between 2019 and 2020, with promises of high monthly returns.
These returns were never paid, and the invested funds were neither refunded nor reinvested, the anti-graft agency alleged.
