Precious Williams pleaded not guilty to all the charges during the arraignment
The Economic and Financial Crimes Commission (EFCC) has arraigned Precious Williams, Director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, over her alleged involvement in a fraudulent investment scheme that reportedly swindled over 3,000 Nigerians out of N13.8 billion.
Williams was brought before Justice S.I. Mark of the Federal High Court sitting in Port Harcourt on a 14-count charge bordering on conspiracy, obtaining money under false pretence, and money laundering.
This was disclosed in a statement issued by the EFCC’s Head of Media and Publicity, Dele Oyewale, on Monday.
“Williams was arraigned for allegedly defrauding over 3,000 investors of N13.8 billion through a phoney investment scheme,” Oyewale said.
According to the anti-graft agency, between August 2019 and February 2020, Williams allegedly received N10 billion via a Sterling Bank account belonging to her company, which was traced to Maxwell Chizi Odum (currently at large) and his firm, MBA Trading and Capital Investment Ltd. The funds were said to be proceeds of fraud obtained under the guise of offering monthly returns of 10 to 15 percent.
Further investigations revealed that Williams and Pelegend Nigeria Ltd also received over N1 billion between December 2019 and November 2020 through a Polaris Bank account, which the EFCC suspects was part of the fraudulent MBA scheme.
During the arraignment, Williams pleaded not guilty to all the charges.
Prosecution counsel, E.K. Bakam, requested that a date be set for trial and that the defendant be remanded in custody pending proceedings. In response, defence counsel, Tochukwu Maduka, urged the court to grant Williams bail to allow adequate preparation for her defence.
However, Justice Mark sided with the prosecution’s objection, stating that the bail application was premature, having been filed prior to the amendment of charges and formal arraignment.
The judge subsequently ruled, “A fresh bail application must be submitted,” and ordered Williams to be remanded at the Port Harcourt Correctional Centre until the next hearing.
The court adjourned the case to June 18 for the bail application hearing.
EFCC noted that Williams was arrested following numerous petitions from victims who alleged they were lured into investing their funds through MBA Trading and Capital Investments Ltd with assurances of high monthly returns.
“These returns were never paid, and the invested funds were neither refunded nor reinvested,” the commission stated.
The EFCC has vowed to pursue justice for the victims and ensure that those behind the massive scam are held accountable. Read More
