EFCC Drags Precious Williams to Court over Alleged ₦13.8 Billion Ponzi Scheme Tied to MBA Trading Fraud

 

Precious Williams, a prominent figure linked to Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, has been brought before the Federal High Court in Port Harcourt, Rivers State, to answer for her alleged involvement in a staggering N13.8 billion Ponzi scheme. The Economic and Financial Crimes Commission (EFCC), Port Harcourt Zonal Directorate, arraigned her on a 14-count charge that encompasses conspiracy, obtaining money by false pretence, advance fee fraud, and laundering proceeds of crime.

The charges stem from financial transactions allegedly connected to Maxwell Chizi Odum, the embattled founder of the controversial MBA Trading and Capital Investment Limited, who has remained at large since being declared wanted in late 2021. According to the EFCC, Williams is accused of receiving and laundering enormous sums of money believed to be proceeds from fraudulent investment schemes that duped over 3,000 unsuspecting Nigerians under the guise of lucrative monthly returns.

Justice S.I. Mark presided over the courtroom as the prosecution unveiled the charges, which detailed how billions of naira were funneled through accounts associated with companies linked to Williams. Notably, the EFCC stated that Williams received N10 billion between August 24, 2019, and February 15, 2020, via a Sterling Bank account registered to Glossolalia Nigeria Ltd. The funds were purportedly sent by Maxwell Odum and MBA Trading, which had promised high-yield returns of 10% to 15% per month to investors.

EFCC’s case contends that Williams, by virtue of her position and the scale of the transaction, should have reasonably known the money was tainted, originating from a fraudulent scheme that preyed on the hopes of thousands of investors. The anti-graft commission emphasized the gravity of the laundering act, citing specific provisions of the Money Laundering (Prohibition) Act, 2011 (as amended).

Another count alleges that Pelegend Nigeria Ltd, also linked to Williams, received N1.005 billion through a Polaris Bank account between December 2019 and November 2020. These funds, traced back to MBA Trading, were also flagged as proceeds of fraudulent activity. The prosecution insists that Williams played a key role in concealing the origins of the illicit funds, making her complicit in a far-reaching financial crime.

During the court proceedings, Williams entered a plea of not guilty to all charges. Her legal counsel, Senior Advocate of Nigeria Tochukwu Maduka, urged the court to grant her bail, arguing that she requires adequate freedom and time to mount a strong defence. The EFCC, however, opposed the application, calling it premature and invalid since it was filed before the official arraignment and subsequent amendment of the charges.

EFCC prosecutor E.K. Bakam argued that the defence’s application failed to meet procedural standards and should be re-submitted in accordance with due legal process. He asked the court to remand Williams in a correctional facility pending the proper filing and hearing of a new bail application.

Justice Mark sided with the prosecution, ordering that Williams be remanded at the Port Harcourt Correctional Center. The matter was subsequently adjourned to June 17, 2025, for the hearing of a revised bail application.

The case marks another chapter in the EFCC’s sustained effort to dismantle the remnants of the sprawling MBA Trading network, which collapsed after failing to meet its lofty investment promises. Public outrage peaked in late 2021 when Maxwell Odum was declared wanted, following countless petitions from victims across the country. Many claimed to have lost life savings and pensions to the scheme.

Williams' arrest and arraignment follow months of investigation and mounting pressure from victims demanding justice and restitution. She is believed to have played a significant role in channeling illicit funds received under false pretences through corporate structures for personal and commercial use.

EFCC sources say the agency is intensifying its crackdown on individuals and entities that facilitated or benefited from the fraud orchestrated by MBA Trading. Several other associates of Odum have already been questioned or charged, and more arrests are expected as the investigation continues.

As the trial looms, thousands of defrauded Nigerians wait with bated breath, hopeful that justice will be served and their stolen funds recovered. The case against Williams is expected to serve as a litmus test for the judiciary's resolve in combating high-profile financial crimes and holding enablers of corporate fraud accountable.