Ponzi scheme director arraigned in P'Harcourt over N13.8bn fraud - Newstrends
Connect with us

metro

Ponzi scheme director arraigned in P’Harcourt over N13.8bn fraud

Published

on

Precious Williams

Ponzi scheme director arraigned in P’Harcourt over N13.8bn fraud

The Economic and Financial Crimes Commission (EFCC) has arraigned Precious Williams, a director at Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, over a staggering N13.8 billion money laundering case linked to a fraudulent investment scheme.

Williams was docked on Monday before Justice S.I. Mark of the Federal High Court in Port Harcourt, Rivers State, on a 14-count charge that includes money laundering, conspiracy, advance fee fraud, and obtaining money under false pretence.

According to the EFCC, Williams allegedly masterminded a fake investment scheme through which she and her companies defrauded unsuspecting victims of billions of naira. The funds were reportedly funneled through her companies under the guise of offering high returns on investment.

Court documents revealed that the fraudulent activities were carefully orchestrated and involved multiple accounts and corporate fronts used to mislead investors and launder the proceeds.

A statement shared by EFCC spokesperson Dele Oyewale, on Monday, said the charges stemmed from a complex fraud allegedly orchestrated in collaboration with Maxwell Chizi Odum (still at large) and MBA Trading and Capital Investment Limited (also at large).

He stated that the defendant allegedly received billions of naira into various corporate bank accounts as part of the scheme.

According to the anti-graft agency, Ms Williams used different entities for the scheme. They are Glossolalia Nigeria Limited, Pelegend Nigeria Limited, Phenom 413 Events Limited (company representative at large) and Doxasterz Oil and Gas Limited.

READ ALSO:

One of the counts alleged that, sometime between 24 August 2019 and 15 February 2020, she took possession of N10 billion from Maxwell Chizi Odum and MBA Trading and Capital Investment Limited through Sterling Bank account number 0064260799, knowing the funds were proceeds of unlawful activity involving over 3,000 unsuspecting investors.

Another charge alleged that Ms Williams, through a Polaris Bank account, received N1.005 billion between December 2019 and November 2020, knowing the money was part of fraudulent proceeds.

The EFCC said the funds were collected under the false pretense of offering 10 to 15 per cent monthly returns on investments, which were never paid back.

Ms Williams pleaded not guilty to all charges during her arraignment on Monday.

Following her plea, prosecution counsel E.K. Bakam requested the court to remand the defendant and fix a date for trial.

Defence counsel Tochukwu Maduka, who is a Senior Advocate of Nigeria (SAN), informed the court of a pending bail application.

Mr Maduka urged the court to grant bail to allow the defendant to prepare for her defence.

However, the prosecution opposed the application, arguing that it was premature as it was filed before the charge amendment and formal arraignment.

Mr Bakam asked the court to reject the application and request a fresh filing.

Mr Mark ruled in favour of the prosecution, ordering that the defendant be remanded in the Port Harcourt Correctional Centre.

The judge adjourned the matter to 17 June for a bail hearing.

How the scheme worked
According to petitions received by the EFCC, Ms Williams was involved in the collection and laundering of funds from thousands of Nigerians who invested in MBA Trading and Capital Investments Limited between 2019 and 2020.

READ ALSO:

The firm, via aggressive marketing by agents and social media promotions, promised 10 to 15 per cent monthly returns, with a six-month lock-in period after which capital could be withdrawn or reinvested.

But many victims were reportedly lured in by promises of guaranteed returns and ended up losing their capital.

EFCC warns against ponzi schemes
The EFCC has repeatedly warned Nigerians to avoid Ponzi schemes. On 9 May, the Acting Zonal Director of the EFCC Enugu office, Assistant Commander of the EFCC Aisha Abubakar, issued a fresh warning during the Nigeria Security and Civil Defence Corps’ 2025 Annual Management Retreat in Enugu.

Speaking on the topic “Get-Rich-Quick Syndrome and the Youth Vulnerability”, she said Ponzi schemes have “destroyed lives, eroded trust, and undermined national development.”

She blamed rising youth involvement on financial illiteracy, peer pressure, digital exposure, and social media-driven fantasies of wealth.

She cited schemes like MMM Nigeria, MBA Forex, Chinmark Group, and the recent collapse of CBEX, which promised 100 per cent ROI within 30 days, as examples of destructive financial frauds masquerading as investment platforms.

The EFCC said it is continuing efforts to track down other suspects in the MBA investment fraud, including Maxwell Odum, and others currently at large.

The commission also recently secured a final forfeiture order on over N6.67 billion worth of shares and funds traced to Cititrust Holdings Plc—another company accused of operating a Ponzi scheme.

In March 2025, EFCC operatives arrested 28 suspects in Minna, Niger State, for operating Q-Net Ltd, a fraudulent investment platform disguised as network marketing.

The suspects allegedly collected between $790 and $850 (N1.46 million) per person from victims under the guise of international affiliations.

EFCC’s preventive role
Ms Abubakar stated that beyond enforcement, the commission is prioritising prevention through roadshows, digital campaigns, and partnerships with financial regulators like the Central Bank of Nigeria, SEC, and international bodies including INTERPOL.“

“Cybercrime has created a market system where fraudsters obtain a competitive advantage and drive out legitimate businesses,” she said. “This undermines national defence, global trust, and the Nigerian economy.”

Ponzi scheme director arraigned in P’Harcourt over N13.8bn fraud

Loading

metro

Cyberstalking: Ohiri to Face Trial Over 13-Count Charges Against Umahi

Published

on

Ms Tracynither Ohiri and David Umahi
Ms Tracynither Ohiri and David Umahi

Cyberstalking: Ohiri to Face Trial Over 13-Count Charges Against Umahi

The Federal High Court in Abuja has fixed April 29, 2026, for the arraignment of Ms Tracynither Ohiri, who is facing a 13-count charge of cyberstalking and defamation against the Minister of Works, David Umahi.

Justice James Omotosho set the new date on Friday after the prosecution counsel, Wisdom Madaki, requested an adjournment to enable proper service of court documents on the defendant, who was absent in court.

The case, filed by the Nigeria Police Force, centres on multiple alleged defamatory social media publications said to have been made by Ohiri between 2023 and 2025 on platforms including TikTok, Facebook, and online media channels. The charge is registered as FHC/ABJ/CR/172/2026.

At the Friday sitting, neither the defendant nor her legal representative was present. The prosecution told the court that repeated attempts to serve her had failed, prompting the Investigating Police Officer (IPO) and his team to travel to Lagos on April 20 to locate her, but were reportedly unable to serve her personally.

Justice Omotosho, while expressing concern over delays, warned that the case could be struck out if arraignment does not proceed promptly. The matter was consequently adjourned to April 29 for arraignment.

READ ALSO:

The 13-count charge alleges that Ohiri made false and damaging claims against Umahi, including allegations that he threatened her life, abused his office, and owed her large sums of money.

In one count, she is accused of posting a TikTok video on October 16, 2023, alleging that Umahi threatened to kill her if she entered Ebonyi State. Another count references a March 8, 2024 video in which she allegedly accused the minister of victimising her for refusing sexual advances.

The prosecution further alleges that she circulated claims on social media and Sahara Reporters on March 28, 2025, alleging that Umahi owed her over ₦200 million for campaign-related services, an allegation the state says she knew to be false.

Other charges include accusations that she amplified defamatory content with intent to cause public hatred and reputational damage under provisions of Nigeria’s Cybercrimes (Prohibition, Prevention, etc.) Act.

The dispute reportedly originated from Ohiri’s claim that she was owed ₦250 million for printing and promotional services linked to Umahi’s 2015 governorship campaign in Ebonyi State. She further alleged that unpaid debts later escalated into personal disputes and threats.

The matter has also attracted public attention following her arrest in Lagos and transfer to Abuja, where she was initially arraigned before a magistrate court in Wuse and granted bail on related defamation charges.

Civil society voices, including activist Omoyele Sowore, previously criticised the handling of the case, arguing it raises broader concerns about the criminalisation of civil disputes and online speech in Nigeria.

The case also briefly escalated into controversy after Ohiri publicly accused her former lawyer, Marshal Abubakar, of mishandling negotiations and pressuring her to withdraw allegations. The lawyer denied wrongdoing, stating that she failed to provide evidence of contractual claims and later voluntarily issued a public apology to Umahi.

With the April 29 date now fixed, the court is expected to proceed with arraignment, where the defendant will take her plea on the multi-count cybercrime charges.

Cyberstalking: Ohiri to Face Trial Over 13-Count Charges Against Umahi

Loading

Continue Reading

metro

Nigerian Union Demands Autopsy After Member Dies in South African Police Custody

Published

on

Ekpenyong Andrew
Ekpenyong Andrew

Nigerian Union Demands Autopsy After Member Dies in South African Police Custody

The Nigerian Union South Africa (NUSA) has called for a full autopsy and independent investigation following the death of one of its members, Ekpenyong Andrew, a Nigerian mechanic who was allegedly arrested by police officers in Pretoria and later found dead in a morgue under disputed circumstances.

Andrew was reportedly taken into custody on Sunday by officers of the Tshwane Metro Police in the Booysens area while returning from work. According to NUSA, he was later discovered dead the following day at the Pretoria Central Morgue.

The union’s president, Smart Nwobi, confirmed the development in a statement, saying Andrew’s partner, Ms Kuma Kaku, recounted that police officers had earlier visited their home the same day of the arrest to conduct a search for drugs, which reportedly yielded no incriminating evidence.

Nwobi described the circumstances as deeply suspicious, stating that the discovery of Andrew’s body shortly after his arrest raises “serious concerns of possible foul play.” He added that a murder case has already been opened at the Hercules police station under the South African Police Service (SAPS).

READ ALSO:

“NUSA categorically condemns this alleged extra-judicial killing and calls for an immediate, thorough, and transparent investigation into the circumstances surrounding Mr Andrew’s death,” the statement read.

The union is demanding several actions, including the immediate suspension of the four Tshwane Metro Police officers allegedly involved, a probe by the Independent Police Investigative Directorate (IPID), and compensation for the deceased’s family if wrongdoing is established.

NUSA also said the matter has been escalated to the Nigerian High Commission in Pretoria, urging diplomatic engagement to ensure accountability and justice.

The incident has added to growing concerns about deaths of Nigerians in South Africa police custody, a recurring issue that has previously triggered diplomatic complaints and calls for reforms in law enforcement conduct.

Human rights observers have also emphasized the importance of independent autopsies and transparent investigations in custody-related deaths to prevent allegations of cover-ups and ensure compliance with international policing standards.

Meanwhile, the union has appealed for calm among Nigerians living in South Africa, urging them to avoid retaliation and allow legal processes to take their course while monitoring developments closely.

South African authorities are yet to issue a detailed public statement on the case, but an official investigation is expected as custody-related deaths typically fall under the jurisdiction of IPID for independent review.

Nigerian Union Demands Autopsy After Member Dies in South African Police Custody

Loading

Continue Reading

metro

Recruitment: Police Announce Date for Nationwide Written Examination

Published

on

Force Public Relations Officer, DCP Anthony Placid
Force Public Relations Officer, DCP Anthony Placid

Recruitment: Police Announce Date for Nationwide Written Examination

The Police Service Commission (PSC), in collaboration with the Nigeria Police Force (NPF), has fixed April 28 to 30, 2026, for the written examination of candidates seeking recruitment into the Police Constable cadre across Nigeria.

The examination, which covers both General Duty and Specialist categories, will be conducted simultaneously at approved centres in all 36 states of the federation and the Federal Capital Territory (FCT), Abuja.

According to a statement issued by the Force Public Relations Officer, DCP Anthony Placid, only candidates who successfully passed the physical and credentials screening stages will be eligible to participate in the next phase of the recruitment process.

The PSC directed shortlisted applicants to log on to the official recruitment portal, npfapplication.psc.gov.ng, from Friday, April 24, 2026, to print their Examination Invitation Cards. The card will contain details such as the candidate’s assigned centre, date, and time of examination.

READ ALSO:

Candidates are required to appear at their designated centres with the following items:

  • A pen
  • National Identification Number (NIN) slip issued by the National Identity Management Commission (NIMC) with a clear photograph
  • Printed Examination Invitation Card
  • White shorts, white T-shirt, and white canvas shoes as the official dress code

Authorities emphasised that strict compliance with instructions is mandatory, warning that failure to present required documents or adhere to guidelines may lead to disqualification.

The PSC also reiterated that the entire recruitment exercise remains free of charge, warning applicants to avoid fraudsters and job racketeers who may attempt to exploit the process.

“The Police Service Commission reiterated that the recruitment process is entirely free of charge and cautions applicants against any form of job racketeering, scam, or financial inducement. Any individual found culpable will be prosecuted in accordance with the law,” the statement read.

The recruitment drive is part of ongoing efforts by the federal government to boost manpower within the Nigeria Police Force and strengthen internal security operations amid rising security challenges across the country.

Security analysts say the exercise is crucial to addressing personnel shortages in the force, improving response capacity, and enhancing policing at community levels.

Applicants have been advised to regularly check official communication channels for updates and avoid relying on unofficial sources to prevent misinformation.

Recruitment: Police Announce Date for Nationwide Written Examination

Loading

Continue Reading
HostArmada Affordable Cloud SSD Shared Hosting
HostArmada - Affordable Cloud SSD Web Hosting

Trending