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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UAE imposes fresh travel conditions on Nigerians

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UAE imposes fresh travel conditions on Nigerians

– No transit visa for 18-45-year-old

UAE imposes fresh travel conditions on Nigerians

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Nigerians to get 3-month single-entry US visa under new policy

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Nigerians to get 3-month single-entry US visa under new policy

The United States Department of State on Tuesday announced updates to its reciprocal non-immigrant visa policy, impacting several countries, including Nigeria.

In a statement on Tuesday, the US Embassy in Nigeria said effective immediately, most non-immigrant and non-diplomatic visas issued to citizens of Nigeria will be single-entry visas with a three-month validity period.

The statement, however, said that those US non-immigrant visas issued before July 8, 2025, will retain their status and validity.

The US was earlier considering imposing a visa ban on Nigeria.

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“We wish to underscore that, as is standard globally, visa reciprocity is a continuous process and is subject to review and change at any time, such as increasing or decreasing permitted entries and duration of validity,” the statement published on its website said.

The US visa criteria and standards are designed to protect the integrity of US immigration systems, it stressed, adding, “These standards are based on global technical and security benchmarks.

It said that the US Mission was working with the Government of Nigeria to ensure that Nigeria could meet the criteria.

“Nigerian travellers are encouraged to respect and adhere to the terms of their visas, and ensure travel documents are authentic, accurate, and up to date,” it said.

Nigerians to get 3-month single-entry US visa under new policy

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Pregnant 300-level student accused of setting boyfriend ablaze

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University of Port Harcourt (UNIPORT)

Pregnant 300-level student accused of setting boyfriend ablaze

Tragedy struck in the Choba area of Port Harcourt, Rivers State, over the weekend when a pregnant 300-level student of the University of Port Harcourt (UNIPORT), identified as Cynthia Chukwundah, allegedly burnt her boyfriend, Sunny Amadi (32), to death.

While the exact circumstances leading to Cynthia’s actions are unclear, some neighbours told Daily Trust it might have resulted from a minor argument between the couple.

It was gathered that the deceased is the father of the child Cynthia is carrying.

Residents of the area reported that Cynthia, who fled the scene immediately after the incident, was later arrested by the police operatives and she is also receiving treatment for burns she sustained during the incident.

The incident, which occurred a few minutes after 11pm, saw some public-spirited neighbours rush the deceased to the University of Port Harcourt Teaching Hospital (UPTH) for medical treatment, where he unfortunately died.

The police spokesperson in Rivers State, SP Grace Iringe-Koko, confirmed the incident in a statement on Tuesday.

She stated that Cynthia is currently receiving treatment at a hospital due to injuries sustained during the incident.

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Due to her critical condition, she is currently unable to provide a detailed account of the incident but will do so once her condition is stable.

SP Iringe-Koko’s statement read:

“The Rivers State Police Command is aware of and deeply concerned about a report depicting a fire incident that occurred at No. 11B Okoro Street, Choba, Port Harcourt.

“According to the report, one Cynthia Chukwundah, a 300-level female undergraduate of the University of Port Harcourt, allegedly set her boyfriend, one Saint Sunny Amadi, a 32-year-old male from Elibrada community in Emohua LGA, ablaze in a room, resulting in severe injuries.

‘’He was rushed to the University of Port Harcourt Teaching Hospital (UPTH) for medical treatment.

“Upon receiving the report at about 1112 hours, police detectives from Choba Division promptly visited the scene and the victim, who was in critical condition at the hospital. ‘’Unfortunately, the victim later succumbed to injuries and died while on admission.

“The police have located Cynthia, who is currently receiving medical treatment at a hospital due to injuries she also sustained during the incident.

‘’She is also heavily pregnant with the deceased’s child. Due to her critical condition, she is unable to provide a detailed account of the incident but will do so when her condition is stable.

“The probable cause of the fire incident is yet to be ascertained, and a thorough investigation has been launched to unravel the circumstances surrounding the incident. Further developments will be made public as more information becomes available.”

Pregnant 300-level student accused of setting boyfriend ablaze

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