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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Benue School Harassment: Authorities Investigate Assault on Female Student at Seat of Wisdom Aliade

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Assault on Female Student at Seat of Wisdom Aliade

Benue School Harassment: Authorities Investigate Assault on Female Student at Seat of Wisdom Aliade

Authorities in Benue State have launched an investigation following a disturbing incident at Seat of Wisdom Secondary School, Aliade, where a female student was reportedly harassed and assaulted by her peers. The event has raised serious concerns over student safety and supervision in the state’s schools.

According to preliminary reports, the victim, a female student at the school, was subjected to inappropriate treatment by a group of classmates while on school premises. The incident came to light after other students alerted the school authorities, prompting the administration to notify local law enforcement.

The Benue State Police Command confirmed that officers have begun a formal investigation. Police spokespersons said statements are being taken from witnesses, and the identities of those involved are being verified. Officials have emphasized that the safety and well-being of all students remain a top priority.

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School management has pledged full cooperation with authorities, stating that disciplinary measures will be taken against any student found responsible, while also offering counselling services for both the victim and other students affected by the incident. Parents and community leaders have condemned the act, describing it as unacceptable and a violation of students’ rights.

Child protection experts have stressed that incidents like this highlight the urgent need for robust safety policies, awareness programs, and reporting mechanisms within schools. They recommend that schools implement regular workshops on respect, personal boundaries, and peer conflict resolution to prevent future occurrences.

The case has sparked broader discussions across Benue State about the responsibilities of school administrators, teachers, and guardians in protecting students from harassment and ensuring a safe learning environment.

Authorities have assured the public that the investigation will be thorough, and anyone found culpable will face legal consequences in accordance with Nigerian law.

Benue School Harassment: Authorities Investigate Assault on Female Student at Seat of Wisdom Aliade

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Violent Protest in Ogoja After Man Allegedly Kills Girlfriend in Cross River

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Cross River Police Spokesperson, ASP Sunday Eitokpah
Cross River Police Spokesperson, ASP Sunday Eitokpah

Violent Protest in Ogoja After Man Allegedly Kills Girlfriend in Cross River

Tension has gripped Ogoja following the alleged killing of a 26-year-old woman, Moshie Igu, by her boyfriend, sparking a violent protest in Cross River and renewed concerns over gender-based violence in Nigeria.

According to the Nigeria Police Force, the suspect, 35-year-old Malime Ejor, allegedly carried out the attack in the early hours of Saturday, March 28, 2026, at a farm in Nwang Village, Ekajuk community.

Police spokesperson Sunday Eitokpah disclosed that preliminary findings show the suspect reportedly lured the victim to a nearby stream, where he attacked her with a machete, leading to her death.

Operatives responded swiftly after the incident was reported, arresting the suspect and rescuing him from an attempted mob action by enraged youths at the scene. He is currently in custody, while arrangements are being made to deposit the victim’s remains at the General Hospital mortuary in Ogoja. The police further confirmed that the case will be transferred to the State Criminal Investigation Department (SCID) in Calabar for a thorough and discreet investigation.

The situation escalated on Monday when hundreds of women and youths from Nwang I & II and other parts of the Ekajuk clan staged a protest, demanding the release of the suspect. The demonstrators marched to the Area Command in Ogoja, but the protest soon turned violent, with some protesters attacking officers and vandalising property, including a vehicle and parts of the Rapid Response Squad (RRS) facility.

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Security operatives were forced to deploy smoke canisters to disperse the crowd, while at least eight individuals were arrested in connection with the unrest. Authorities say the situation is now under control, and in a bid to ease tensions, those arrested during the protest were later released to a community leader.

The Nigeria Police Force reiterated its commitment to ensuring justice, stressing that the suspect remains in custody and will face due legal process. With the case set for transfer to SCID, authorities are expected to deepen investigations and prepare for prosecution.

The incident has sparked fresh conversations around femicide, domestic violence, and the increasing cases of relationship-related killings in Nigeria. Analysts warn that attempts by communities to interfere in criminal investigations—such as demanding the release of suspects—could undermine justice and embolden perpetrators.

Residents and stakeholders have been urged to remain calm and allow the law to take its course, as calls for justice for the victim continue to grow.

Violent Protest in Ogoja After Man Allegedly Kills Girlfriend in Cross River

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Gunmen Attack Wedding in Kaduna, Kill 13, Abduct Several Guests

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Commissioner of Police in Kaduna State is CP Muhammad Rabiu

Gunmen Attack Wedding in Kaduna, Kill 13, Abduct Several Guests

Suspected bandits have attacked a wedding ceremony in Kahir village, located in Kagarko Local Government Area, killing at least 13 people and abducting an unspecified number of guests.

The incident occurred late Sunday night in Kaduna State when heavily armed assailants reportedly stormed the venue and opened fire on attendees gathered for the celebration.

Eyewitness accounts indicate that the attackers arrived at about 11:47 p.m., shooting indiscriminately inside the wedding hall and causing widespread panic. A resident, Shehu Bala, said some guests sustained gunshot injuries during the assault.

According to reports, the gunmen operated for nearly an hour without resistance, leaving several casualties in their wake.

Injured victims were initially taken to Kagarko General Hospital, while those with critical injuries were later transferred to medical facilities in Kaduna for advanced treatment.

A community leader confirmed that 13 people lost their lives in the attack and have since been buried. He added that efforts are ongoing to ascertain the exact number of those abducted by the assailants.

The attackers were also said to have looted shops within the community, carting away food items, provisions, and drugs from a local chemist during the raid.

“The entire community was thrown into panic due to the heavy gunfire, forcing many residents to flee into nearby bushes,” the community leader said.

Police authorities in Kagarko have confirmed the incident but stated that investigations are still ongoing, particularly regarding the number of abducted victims. The spokesperson of the Kaduna State Police Command, DSP Hassan Mansur, also confirmed the attack, noting that a comprehensive report would be released upon conclusion of investigations.

Meanwhile, the Deputy Governor of Kaduna State, Dr Hadiza Sabuwa Balarabe, alongside a serving senator, visited injured victims receiving treatment at the hospital in Kagarko.

Gunmen Attack Wedding in Kaduna, Kill 13, Abduct Several Guests

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