The Economic and Financial Crimes Commission (EFCC) has brought Precious Williams, Director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, before the Federal High Court in Port Harcourt on allegations of defrauding more than 3,000 investors of N13.8 billion.
Williams was arraigned before Justice S.I. Mark on a 14-count charge that includes conspiracy, obtaining money under false pretences, and money laundering. Her arrest followed numerous petitions from alleged victims. Investigators claim that between August 2019 and February 2020, she received N10 billion through her company’s Sterling Bank account.
According to the EFCC, the funds originated from Maxwell Chizi Odum (currently at large) and his company, MBA Trading and Capital Investment Ltd, and were known by Williams to be “proceeds of fraud”.
The EFCC further alleged that the funds were solicited from unsuspecting investors with the false promise of 10 percent to 15 percent monthly returns.
Additionally, the commission accused Williams and Pelegend Nigeria Ltd of receiving over ₦1 billion through a Polaris Bank account between December 2019 and November 2020.
Williams, however, entered a not guilty plea to all the charges brought against her.
During the court proceedings, EFCC counsel E.K. Bakam requested that a trial date be set and that Williams be remanded in custody. In response, her lawyer, Tochukwu Maduka, urged the court to grant bail to enable his client to adequately prepare for trial.
Opposing the motion, Bakam argued that the bail application was filed prematurely before the amended charge and arraignment.
The court concurred with the prosecution’s stance, stating that a new bail application must be filed.
As a result, Justice Mark ordered that Williams be held at the Port Harcourt Correctional Centre and scheduled the hearing of the bail application for June 17, 2025.
