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

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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

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Army Kills Notorious Kidnapper, Rescues Four Hostages in Edo

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Nigerian military troops

Army Kills Notorious Kidnapper, Rescues Four Hostages in Edo

Troops of the Nigerian Army’s 4 Brigade under 2 Division, working alongside the Edo State Security Corps, have successfully neutralised a notorious kidnapper, rescued four abducted victims, and arrested another suspect during coordinated security operations in Edo State. The operations were conducted on March 3, 2026, under Operation IGBO DANU 1, targeting criminal hideouts in Warake Forest, Auchi Local Government Area, and Ujemen in Esan West Local Government Area.

According to Capt. Kennedy Anyanwu, Assistant Director of Army Public Relations for 4 Brigade, the troops acted after receiving reports of gunshots in Warake Forest. During the night operation, soldiers, supported by personnel from the Nigerian Army School of Electrical and Mechanical Engineers and local vigilantes, confronted the gang. The encounter resulted in the death of a notorious kidnapper who had been terrorising the Auchi area, while other criminals abandoned their captives and fled into the forest.

Four victims — Stella Abbas (29), Tina Ododa (19), Razak Rashid (27), and Mutanibi Kalifa (16) — were rescued unharmed and later reunited with their families. The troops also recovered several items from the scene, including ₦650,000 in cash, mobile phones, a power bank, and footwear believed to belong to the criminal gang.

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In a separate operation in Ujemen, Esan West Local Government Area, the military and Edo State Security Corps raided a suspected kidnapper’s hideout. During the raid, a 39-year-old suspect named Omogbegha Solomon was arrested. Troops discovered a shrine containing charms and photographs of various individuals in an abandoned room within the compound. The shrine was destroyed on-site, and the suspect was handed over to the Nigeria Police Force, Ekpoma Division, for further investigation.

Brigadier General Ahmed Balogun, Commander of 4 Brigade, commended the troops for their bravery and professionalism, noting that these operations align with directives from the General Officer Commanding (GOC), 2 Division, Major General Chinedu Nnebeife, to maintain peace and security across Edo State.

The operations reflect an intensified offensive against kidnapping and criminal syndicates, particularly in forested regions of the state that have frequently harboured criminals. Residents and community leaders have welcomed the success, urging sustained action to dismantle criminal networks and protect lives and property.

Army Kills Notorious Kidnapper, Rescues Four Hostages in Edo

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Islamic Scholar Barred From Ramadan Tafseer After Criticising Tinubu, Governors

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Jama’atu Izalatil Bid’ah Wa Iqamatis Sunnah (JIBWIS)

Islamic Scholar Barred From Ramadan Tafseer After Criticising Tinubu, Governors

The leadership of Jama’atu Izalatil Bid’ah Wa Iqamatis Sunnah (JIBWIS) has officially suspended prominent Islamic scholar Sheikh Alkali Abubakar Salihu Zaria from conducting his annual Ramadan Tafseer in Damaturu, Yobe State, following controversial remarks he made about Nigeria’s political leadership.

The decision, which has sparked widespread debate across Northern Nigeria, was taken after a high-level meeting of the JIBWIS Council of Ulama led by its National Chairman, Sheikh Muhammad Sani Yahaya Jingir.

Following the meeting, the cleric was barred from continuing his Tafseer sessions at the Mokas Mosque in Damaturu, where he has traditionally delivered Qur’anic interpretations during the holy month of Ramadan.

Reason for the Suspension

According to the Islamic organization, the suspension was based on what it described as a breach of JIBWIS preaching protocols. The council accused the scholar of using inflammatory language and deviating from the organization’s established religious methodology while interpreting the Holy Qur’an.

Leaders of the group stressed that Tafseer sessions are meant to focus strictly on religious teachings, moral guidance, and spiritual reflection, especially during Ramadan, rather than political commentary capable of generating controversy.

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Sermon That Triggered the Controversy

The controversy followed a recent Tafseer session in which Sheikh Alkali launched a strong criticism of the federal government and political leaders in the North over the persistent insecurity crisis, including banditry, kidnappings and violent attacks affecting many communities.

During the sermon, he lamented what he described as the dehumanisation of citizens by bandits and kidnappers, painting a grim picture of victims’ suffering, including abuse during captivity.

The cleric also questioned the relationship between state governors and Bola Tinubu, Nigeria’s president, suggesting that political leaders were showing excessive loyalty to the presidency.

“One of the signs of catastrophes this generation will likely face is the tendency to revere individuals out of fear of their machinations,” he said.

He went further to state:

“Look at how state governors fear Tinubu much more than they fear Allah. If you are in the APC, you are treated like a saint. If you are a member of the opposition, you will be treated like a devil. One will be confronted with trump-up charges. Who is Tinubu? You deceived us. You are a deceiver and cheat.”

Addressing the impact of insecurity, the cleric also described the ordeal of kidnapping victims.

“Today, people are abducted and treated as though they are cattle. They are taken into the bush and ransom negotiations begin. Families plead while victims are beaten and tortured. Sometimes they stamp their feet on their victim’s stomach even during Ramadan,” he said.

Sheikh Alkali’s Reaction

Following the announcement of his suspension, Sheikh Alkali addressed his followers through a message posted on his Facebook page, urging them to remain calm and avoid confrontation with the leadership of the organization.

The cleric maintained a conciliatory tone, emphasizing that his removal from the mosque was part of God’s divine decree and encouraging supporters to accept the decision peacefully.

“To my followers, relatives and associates, I urge you to take heart. This was destined to happen. I cannot exceed the days Allah has written for me to lead Ramadan Qur’anic exegesis in Damaturu,” he wrote.

He also reaffirmed his respect for Sheikh Jingir, describing him as a father figure and urging his followers to remain disciplined and loyal to the leadership of the Islamic organization.

Public Reaction

The development has triggered intense debate on social media and within religious circles, with opinions sharply divided.

Supporters of the cleric praised him for “speaking truth to power” and highlighting the suffering of ordinary Nigerians affected by insecurity.

However, critics argued that the mosque pulpit should not be used for political criticism, insisting that religious platforms must remain focused on spiritual guidance rather than political agitation.

Others say the incident reflects a broader tension in Nigeria over the role of religious leaders in addressing governance and societal issues, particularly in regions facing prolonged security challenges.

Despite the controversy, the leadership of JIBWIS has maintained that its decision was aimed at preserving discipline and maintaining the integrity of religious preaching, especially during the sacred period of Ramadan.

Islamic Scholar Barred From Ramadan Tafseer After Criticising Tinubu, Governors

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Court Orders INEC Chairman to Appear Over Alleged Contempt of Court

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Chairman of the Independent National Electoral Commission, INEC, Prof. Joash Amupitan, SAN
chairman of the Independent National Electoral Commission, INEC, Prof. Joash Amupitan, SAN

Court Orders INEC Chairman to Appear Over Alleged Contempt of Court

The Federal High Court in Abuja has ordered the Chairman of the Independent National Electoral Commission (INEC), Prof. Joash Amupitan, to personally appear before the court on March 10, 2026, over an alleged contempt of court charge filed by the National Rescue Mission (NRM).

Justice Obiora Egwuatu issued the directive on Wednesday after the INEC chairman failed to attend court proceedings in the matter.

During the hearing, counsel to INEC, Mr. M. S. Bawa, requested an adjournment, informing the court that the commission’s chairman could not attend due to an emergency. He added that the commission had already filed a counter-affidavit challenging the contempt proceedings and urging the court to dismiss the application.

However, the request was opposed by counsel to the National Rescue Mission (NRM), Mr. Oladimeji Ekengba, who questioned the absence of the INEC boss in a matter bordering on contempt of court.

According to Ekengba, contempt proceedings require the accused person to be physically present before the court.

“My Lord, this is a contempt charge that requires the defendant to be present in the dock while the proceedings are ongoing. We wonder why he is not here today,” he told the court.

Following the arguments, Justice Egwuatu ordered that a fresh hearing notice be served personally on the INEC chairman, directing him to appear before the court on the next adjourned date.

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The court had earlier approved substituted service of Form 48, a legal notice warning of the consequences of disobeying a valid court order. The document was ordered to be delivered to any staff member at INEC’s national headquarters in Abuja.

The contempt charge against INEC arose from a judgment delivered by the court on March 5, 2025, which directed the electoral body to recognise the outcome of an emergency convention conducted by the National Rescue Mission on January 17, 2025.

According to the party, the convention produced a new leadership led by Chief Edozie Njoku and was convened to address leadership vacancies and internal imbalances within the party’s National Executive Committee (NEC).

The NRM alleged that despite being aware of the judgment and having been served with the enrolled order, INEC failed to comply with the court’s directive, prompting the party to initiate contempt proceedings against the commission and its chairman.

In court documents, the party argued that Form 48, which warns a party about the consequences of disobeying a court order, had already been served. The next step in the legal process could involve the issuance of Form 49, requiring the alleged contemnor to appear before the court to explain why he should not face punishment for contempt.

Officials of the National Rescue Mission were present in court during Wednesday’s proceedings, led by Chief Edozie Njoku.

Speaking with journalists after the hearing, Njoku expressed confidence that the INEC chairman would eventually comply with the court’s directive and formally recognise the party’s leadership.

He described the legal dispute as a matter concerning respect for the rule of law and the authority of the judiciary, stressing that all public institutions must obey valid court orders.

The case was subsequently adjourned to March 10, 2026, when Prof. Joash Amupitan is expected to appear before the court to respond to the contempt of court allegation.

Court Orders INEC Chairman to Appear Over Alleged Contempt of Court

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