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

Published

9 months ago

June 17, 2025

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.

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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.

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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

Related Topics:EFCC Featured fraud Ponzi scheme

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Court Discharges Abba Kyari, Brothers in NDLEA Non-Disclosure of Assets Case

Published

15 minutes ago

March 5, 2026

Trends Admin

Suspended Deputy Commissioner of Police (DCP) Abba Kyari

Court Discharges Abba Kyari, Brothers in NDLEA Non-Disclosure of Assets Case

A Federal High Court in Abuja on Thursday discharged and acquitted suspended Deputy Commissioner of Police (DCP) Abba Kyari and his two brothers over allegations of non-disclosure of assets filed against them by the National Drug Law Enforcement Agency (NDLEA).

Delivering judgment, Justice James Omotosho dismissed the case after ruling that the anti-narcotics agency failed to prove the allegations beyond reasonable doubt, as required under criminal law.

The judge held that the burden of proof lies with the prosecution, adding that the NDLEA did not provide sufficient evidence linking the properties and funds mentioned in the charge to the defendants. Justice Omotosho also described the case as “persecution rather than prosecution,” before formally discharging and acquitting Abba Kyari and his brothers, Mohammed Kyari and Ali Kyari, of all charges.

The case, marked FHC/ABJ/CR/408/2022, was filed by the NDLEA against Kyari, a former head of the Police Intelligence Response Team (IRT), alongside his brothers on allegations bordering on failure to declare assets, disguising ownership of properties and conversion of funds.

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According to the anti-narcotics agency, investigations uncovered 14 assets allegedly linked to Kyari, including shopping malls, residential estates, parcels of land, farmland and a polo playground located in Abuja and Maiduguri, Borno State.

The NDLEA further alleged that more than ₦207 million and €17,598 were discovered in various bank accounts linked to Kyari in Guaranty Trust Bank, United Bank for Africa and Sterling Bank.

The agency argued that the properties and funds were not fully disclosed by Kyari in his asset declaration, and also accused the defendants of disguising ownership of the assets.

However, during the trial, Kyari and his brothers pleaded not guilty to the 23-count charge, insisting that the allegations were unfounded.

In his ruling, Justice Omotosho emphasized that criminal charges must be supported by credible and verifiable evidence, adding that the prosecution failed to establish ownership of the properties through legal documents such as title deeds or other admissible proof.

The NDLEA had charged the defendants under Section 35(3)(a) of the NDLEA Act and Section 15(3)(a) of the Money Laundering (Prohibition) Act, 2011, which deal with asset concealment and illicit financial transactions.

Legal analysts say the judgment marks a significant development in the legal battles involving the suspended police officer, who rose to national prominence during his time leading the Police Intelligence Response Team.

Despite the acquittal in the asset non-declaration case, Kyari still faces separate criminal proceedings relating to alleged drug-related offences, which are currently pending before another court.

The ruling effectively brings an end to the NDLEA’s asset declaration case filed in 2022 against the embattled police officer and his brothers.

Court Discharges Abba Kyari, Brothers in NDLEA Non-Disclosure of Assets Case

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Terrorists Attack Borno, Kill Soldiers, Abduct Women, Children

Published

37 minutes ago

March 5, 2026

Trends Admin

Terrorists Attack Borno, Kill Soldiers, Abduct Women, Children

Suspected Boko Haram/ISWAP militants launched a deadly attack on a military base and an Internally Displaced Persons (IDP) camp in Ngoshe town, Gwoza Local Government Area, Borno State, killing soldiers and civilians and abducting scores of women and children. The assault occurred Wednesday, shortly after residents broke their fast during Ramadan, and has left the community devastated.

According to local security sources, the militants overpowered troops stationed at the 82 Division Task Force Battalion, killing at least nine soldiers and forcing others to retreat. The insurgents also burned armored tanks, operational vehicles, and structures in the IDP camp, before abducting an estimated 100 women and children. Eyewitnesses reported that the town’s Chief Imam was killed during the attack, intensifying the horror among residents.

The attack caused widespread panic as residents fled Ngoshe toward Pulka town, leaving homes and property behind. Survivors described the militants as heavily armed and organized, capable of carrying out a coordinated assault on both military and civilian targets. Authorities have yet to confirm the full casualty toll, and many families remain unaccounted for.

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Senator Ali Ndume, representing Borno South, condemned the attack and confirmed that hundreds of civilians and soldiers were affected. He urged the government to intensify military operations in insurgent strongholds such as the Sambisa Forest and Mandara Mountains, where Boko Haram and ISWAP maintain bases.

In response to the attack, the Nigerian Air Force and ground troops conducted precision operations along the insurgents’ withdrawal routes, reportedly neutralizing several militants and disrupting their escape. Despite these efforts, the incident underscores the persistent threat posed by extremist groups in northeastern Nigeria, particularly in Borno State, which remains vulnerable to large-scale attacks and abductions.

The assault highlights ongoing security challenges in areas returning refugees and IDPs from neighboring countries, illustrating the urgent need for enhanced military and humanitarian interventions to protect vulnerable communities.

Terrorists Attack Borno, Kill Soldiers, Abduct Women, Children

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Leadership Reshuffle: IGP Tunji Disu Removes Hundeyin as Nigeria Police Force PRO

Published

46 minutes ago

March 5, 2026

Trends Admin

Force Public Relations Officer Benjamin Hundeyin

Assistant Commissioner of Police (ACP) Benjamin Hundeyin

Leadership Reshuffle: IGP Tunji Disu Removes Hundeyin as Nigeria Police Force PRO

The newly sworn‑in Inspector-General of Police (IGP) Tunji Disu has officially removed Assistant Commissioner of Police (ACP) Benjamin Hundeyin from his position as the Force Public Relations Officer (FPRO), just six months after his appointment. This move marks one of the first major personnel changes under IGP Disu’s leadership. The decision, finalized Thursday morning at the Nigeria Police Force Headquarters in Abuja, comes less than 24 hours after President Bola Tinubu inaugurated Disu as the 23rd substantive IGP, replacing Kayode Egbetokun. While no official explanation has been provided, sources say the removal is part of a broader restructuring and modernization effort within the Force.

ACP Benjamin Hundeyin, a native of Badagry, Lagos State, was appointed FPRO by former IGP Kayode Egbetokun. Hundeyin holds a Bachelor’s degree in English Language from Lagos State University and a Master’s degree in Legal Criminology and Security Psychology from the University of Ibadan. He has also completed specialized training in Civil-Military Coordination at the Martin Luther Agwai International Leadership and Peacekeeping Training Centre, Jaji. Professionally, Hundeyin is affiliated with the Nigerian Institute of Public Relations (NIPR), International Public Relations Association (IPRA), and Chartered Institute of Personnel Management of Nigeria (CIPM).

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Hundeyin’s career highlights include serving as Police Public Relations Officer (PPRO) for Zone 2 Command, Lagos, and participating in the United Nations–African Union Mission in Darfur (UNAMID). His removal reflects the common practice of new IGPs reorganizing their core teams to align with their strategic priorities. While Hundeyin was widely respected for his professional expertise and communication skills, the change is seen as part of IGP Disu’s plan to build a team aligned with his vision for the Nigeria Police Force.

Sources at the Force Headquarters described a tense atmosphere as officers await the announcement of Hundeyin’s successor. The Nigeria Police Force is expected to release a formal statement soon to ensure continuity in public relations as IGP Disu implements his reform agenda. This change underscores a fast-moving police leadership transition and signals IGP Disu’s commitment to restructuring key positions in line with his vision for a modernized and transparent Nigeria Police Force.