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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Police arrest killers of Chinese national in Ogun

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Force Public Relations Officer, Assistant Commissioner of Police, Olumuyiwa Adejobi

Police arrest killers of Chinese national in Ogun

The Ogun State Police Command has detained two suspects, Yunusa Abdullahi and Peace Keno Danlami, in connection with the murder of Chen Wang, a Chinese national who was allegedly stabbed to death in his office early this year.

Wang, an employee at WH Great Resource Ltd. in Ogere, was assassinated on January 12, 2025.

According to a statement made on Tuesday by the Force Public Relations Officer, Olumuyiwa Adejobi, and forwarded by the Ogun State Command spokesperson, CSP Omolola Odutola, the victim died from stab wounds to the chest.

The police stated, “The incident, which occurred on January 12, 2025, drew immediate attention when the Ogun State Police Command received a distress call regarding the discovery of Mr Wang’s lifeless body within his office premises. Preliminary findings revealed that the deceased had suffered fatal stab wounds to the chest.”

The police added, “The event, which occurred on January 12, 2025, gained rapid attention when the Ogun State Police Command received a distress call about the discovery of Mr Wang’s lifeless body within his office premises.

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According to preliminary findings, the deceased died as a result of deadly stab wounds to the chest.

“In line with the strategic policing mandate of the Inspector General of Police, IGP Kayode Adeolu Egbetokun, the Nigeria Police Force Technical Intelligence Unit was promptly mobilised to provide high-level operational and technological support,” the statement read.

Investigators determined that two manufacturing workers, believed to be in a romantic relationship, took advantage of reduced staffing on the day of the incident.

Odutola added, “While on overtime duty, they allegedly disabled the company’s security system, unlawfully accessed Mr Wang’s office and committed the fatal attack. They subsequently stole the keys to his residence, which they later burgled before fleeing the state with stolen cash.”

Following several weeks of surveillance and tactical cooperation, operatives from the Force Headquarters and Ogun SCID located and apprehended Abdullahi, 25, of Borno State, and Danlami, 20, of Taraba State, on July 14 in Jos, Plateau State, where they were hiding under fictitious names.

“The swift deployment of digital forensics, biometric analysis, and human intelligence by the Nigeria Police played a decisive role in bringing the perpetrators to justice,” the statement noted.

According to the statement, the Inspector General praised the Ogun State Police Command and the Force Technical Intelligence Unit for their professionalism and dedication.

The IG also reassured the public about the police’s continuous efforts to protect both citizens and foreign nationals through proactive and precision-led investigations.

“The suspects are currently in custody and will be arraigned in court upon the conclusion of ongoing investigations,” the statement added.

Police arrest killers of Chinese national in Ogun

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Kidnapped Chief Imam of Uromi regains freedom

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Police Public Relations Officer of the Edo State Command, Moses Yamu

Kidnapped Chief Imam of Uromi regains freedom

The Chief Imam of Uromi in Esan North East Local Government Area of Edo State, Sheikh Murtadho Muhammad, has regained his freedom after spending five harrowing days in the hands of his abductors.

Sheikh Muhammad was released on Saturday, July 13, bringing relief to the Uromi Muslim community and his family, who had been anxiously awaiting his safe return.

The respected Islamic cleric was abducted on Monday, July 8, at the Angle 90 area of Uromi. According to reports, he had stepped out of his residence to buy food for his family when he was forcefully taken by unidentified gunmen.

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The kidnappers however called the family members and demanded ransom of N30 million but Daily Trust couldn’t confirm the payment of the ransom.

The Edo State police command’s spokesperson, CSP Moses Yamu, said intense and sustained pressure from the police and the local vigilante led to the release of the kidnapped chief Imam.

He said investigation is ongoing to unravel the circumstances surrounding the kidnapping of the victim with a view to track and arrest the perpetrators.

Yamu, who said the Chief Imam is in stable condition, added that he has since been reunited with his family.

While charging the public to remain vigilant and continue to support the Police with timely and credible information, he said no stone will be left unturned in identifying and apprehending those behind the kidnapping.

Kidnapped Chief Imam of Uromi regains freedom

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Buhari could have died earlier relying on Nigerian hospitals – Adesina

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Former Special Adviser to the President Muhammadu Buhari on Media and Publicity, Femi Adesina

Buhari could have died earlier relying on Nigerian hospitals – Adesina

Former presidential spokesman, Femi Adesina, has addressed the controversy surrounding the death of former President Muhammadu Buhari in a London hospital, offering a candid defense of the late leader’s decision to seek medical care abroad.

Speaking during a live broadcast on Channels Television as part of the special funeral coverage, Adesina responded to criticisms over Buhari’s long-standing reliance on foreign healthcare.

According to Adesina, those questioning why Buhari passed away in a UK hospital are missing the bigger picture. He stated firmly that Buhari had been receiving treatment in the United Kingdom long before he became president in 2015, and added that relying solely on Nigeria’s health system could have cost him his life much earlier.

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“President Buhari had been using London hospitals for years, even before he assumed office. His doctors over there were familiar with his history,” Adesina said.

He added that expecting the former president to abandon the doctors who understood his condition would have been unreasonable.

According to Adesina, many Nigerian hospitals do not have the medical expertise or advanced equipment necessary to handle the health challenges Buhari faced.

“Let’s be honest with ourselves: if he had depended on our local hospitals for that particular health issue, he may not have survived it. And perhaps, we would have lost him a long time ago,” he stated.

Discovererngr.com reports that Buhari, who died in a London hospital on Sunday, July 13, is being buried Tuesday in his hometown of Daura, Katsina State, with full state honours.

Buhari could have died earlier relying on Nigerian hospitals – Adesina

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