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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MTN Credits Nigerians Airtime as NCC Enforces Poor Service Compensation Rule

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MTN Nigeria Communications PLC

MTN Credits Nigerians Airtime as NCC Enforces Poor Service Compensation Rule

Telecommunications giant MTN Nigeria has begun crediting subscribers with airtime as compensation for poor quality of service, following a directive from the Nigerian Communications Commission aimed at enforcing stricter quality-of-service standards across the sector.

Subscribers across Nigeria have started receiving notification messages confirming the credits. One message read: “Dear Customer, your account has been credited with ₦341 airtime for quality of service issues in January 2026. Thank you for your understanding.” Similar alerts show varying amounts credited to users, depending on location and level of service disruption.

Reports indicate that compensation amounts differ widely, with some customers receiving as low as ₦20 or ₦91, while others reported ₦284, ₦341, and in some cases up to ₦900. The variation has raised questions among subscribers about how the figures were calculated and whether all affected users have been fully captured in the rollout.

The NCC had earlier directed MTN and other operators—including Airtel, Glo, and 9mobile—to compensate customers in areas where service performance fell below regulatory benchmarks between late 2025 and early 2026. The regulator said the initiative is part of a broader shift from punitive fines to direct consumer compensation, ensuring affected users benefit directly from enforcement actions.

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Under the framework, eligible subscribers must have experienced poor voice, SMS, or data service and recorded at least one billable activity during the affected period. The process is fully automated, with telecom operators required to identify impacted users using network performance data and credit accounts without requiring applications from subscribers.

The NCC said the compensation programme is designed to improve accountability in Nigeria’s telecom industry, following widespread complaints earlier in the year about dropped calls, slow data speeds, and network outages that disrupted business operations, online services, and daily communication.

Industry sources note that the regulator has intensified monitoring of service quality indicators, including call completion rates, data throughput, and network availability, as part of ongoing reforms in the Nigerian telecom sector.

MTN Nigeria has acknowledged the directive and said it is complying fully while continuing investments in network expansion and infrastructure upgrades aimed at improving nationwide coverage and reducing service disruptions.

Despite the compensation rollout, some subscribers have expressed mixed reactions—welcoming the credits but questioning whether one-time airtime payments adequately address recurring service challenges.

The NCC has maintained that operators remain responsible for sustained compliance with service benchmarks and warned that further sanctions could follow if quality standards are not met consistently.

MTN Credits Nigerians Airtime as NCC Enforces Poor Service Compensation Rule

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After Six Years in Custody, Court Fixes Trial for Patience Jonathan’s Ex-Workers

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Patience Jonathan

After Six Years in Custody, Court Fixes Trial for Patience Jonathan’s Ex-Workers

A High Court in Bayelsa State has fixed May 22 for the continuation of trial in the long-running case involving 15 former domestic workers of ex-First Lady, Patience Jonathan, bringing renewed attention to a matter that has lingered in the justice system for over six years.

The defendants have been in custody since 2019 over allegations that they stole jewellery and valuables reportedly worth hundreds of millions of naira from the former First Lady. Despite the seriousness of the charges, the case has suffered repeated adjournments, prolonged absence of the presiding judge, and failure to fix consistent hearing dates—factors that stalled proceedings even after the prosecution had closed its case.

At the last hearing, the matter had reached the stage where the defendants were expected to open their defence. However, delays persisted until recent developments, with sources indicating that increased media scrutiny and public pressure prompted judicial authorities to finally set a definite date for trial to resume.

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Families of the accused have continued to challenge the credibility of the prosecution’s case, alleging that key confessional statements presented in court were obtained under duress. Some of the defendants had earlier told the court they were subjected to torture during interrogation, raising concerns among rights advocates about human rights violations in Nigeria’s criminal justice system.

Relatives also alleged behind-the-scenes interference by officials, claiming efforts were made to keep the accused in prolonged detention and frustrate the progress of the trial. While these claims remain unproven in court, they have intensified public debate around judicial independence in Nigeria and the handling of high-profile cases.

The prolonged detention has had devastating consequences. One of the defendants, Sahabi Liman, died in custody after his health reportedly deteriorated. According to family accounts, he had earlier been granted bail on medical grounds and briefly showed signs of recovery before his condition worsened.

Other defendants are also said to be battling serious health conditions, with concerns raised over limited access to adequate medical care while in custody.

Legal observers note that the case underscores broader systemic issues, including delayed justice in Nigeria, prolonged pre-trial detention, and the rights of defendants awaiting trial. The principle that justice delayed is justice denied has been repeatedly cited in discussions surrounding the case.

With the May 22 date now fixed, attention will shift to the courtroom as the defendants prepare to present their defence in what has become one of the most closely watched prolonged detention cases involving aides to a high-profile political figure.

After Six Years in Custody, Court Fixes Trial for Patience Jonathan’s Ex-Workers

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Court Orders ₦1bn Damages as Natasha Rejects Verdict, Files Appeal

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Senator representing Kogi Central, Natasha Akpoti-Uduaghan and Former Governor of Kogi State, Yahaya Bello
Senator representing Kogi Central, Natasha Akpoti-Uduaghan and Former Governor of Kogi State, Yahaya Bello

Court Orders ₦1bn Damages as Natasha Rejects Verdict, Files Appeal

The Senator representing Kogi Central, Natasha Akpoti-Uduaghan, has formally rejected a ₦1 billion defamation judgment delivered against her by a Kogi State High Court, escalating her legal battle with former governor Yahaya Bello to the Court of Appeal.

The ruling, delivered by Justice A. S. Ibrahim in Lokoja in suit number HCL/16/2023, found the senator liable for defamatory remarks made during an appearance on The Morning Show on November 4, 2022. The court held that her statements—where she allegedly described Bello as a “murderer,” “killer,” and “terror to the people of Kogi State”—were injurious to his reputation and lacked sufficient legal justification.

In his judgment, Justice Ibrahim ruled that the comments went beyond the bounds of political criticism and amounted to character assassination. He consequently awarded ₦1 billion in general damages in favour of Bello and issued a perpetual injunction restraining Akpoti-Uduaghan and her associates from making further defamatory statements against him across all platforms.

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Reacting swiftly, Akpoti-Uduaghan dismissed the judgment as flawed and unjust, insisting that the court failed to properly evaluate the evidence presented by her legal team. She maintained that her comments were made in good faith and in the interest of public accountability.

“I reject this judgment in its entirety. We presented substantial and credible evidence before the court, which clearly justified our position. Unfortunately, these were not given due consideration,” she said.

The senator further argued that her remarks were based on information available at the time and were aimed at addressing concerns about safety and governance in Kogi State. According to her, the statements were part of her duty as a public office holder to speak on issues affecting her constituents.

Confirming her next legal move, Akpoti-Uduaghan disclosed that her lawyers have been instructed to file an appeal, expressing confidence that the appellate court would overturn the ruling.

“We are heading to the Court of Appeal. This is not the end of the matter. We will pursue all lawful avenues to ensure that justice is served,” she added.

Legal observers note that the case raises broader questions around defamation laws in Nigeria, particularly the thin line between freedom of expression and reputational harm in politically charged environments. The size of the damages awarded has also drawn attention, with analysts describing it as one of the more significant defamation penalties involving political actors in recent times.

While Bello has not issued an extensive fresh statement following the senator’s rejection of the ruling, the judgment represents a major legal victory for the former governor at the trial stage.

The dispute is widely seen as an extension of the long-standing political rivalry between the two Ebira-born figures, reflecting deeper divisions within Kogi politics. With the matter now headed to the appellate court, the case is expected to remain in the spotlight as it could set important precedents for political speech and defamation litigation in Nigeria.

Court Orders ₦1bn Damages as Natasha Rejects Verdict, Files Appeal

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