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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Ogun Police Gun Down 2 Suspected Kidnappers

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Ogun Police Gun Down 2 Suspected Kidnappers

Ogun Police Gun Down 2 Suspected Kidnappers

Abeokuta, Ogun State – In a pre-dawn operation that has dismantled a major criminal network, police operatives in Ogun State have killed two suspected kidnappers and arrested a prominent Fulani community leader, Seriki Mohammed Abdullahi, over alleged ties to a kidnapping syndicate terrorizing the Ijebu-Ode/Ibadan road corridor.

The Ogun State Police Command, through its spokesperson Oluseyi Babaseyi, confirmed that the operation also led to the arrest of Mohammed Bello, a suspected gang member, alongside the recovery of N1.5 million believed to be ransom proceeds, an AK-47 rifle loaded with 10 rounds of ammunition, a single-barrel gun, several mobile phones, and a black bag allegedly used for ransom transactions.

According to police sources, the operation stemmed from the kidnapping of three persons on May 11, 2026, in the Ipojo area of Iperin, Atan-Ijebu. The victims were released unharmed three days later after an unspecified ransom was paid.

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Acting on intelligence gathered after the victims’ release, operatives from the Anti-Kidnapping Unit led by SP Bamidele Shittu stormed a suspected kidnappers’ camp along the Ijebu-Ode/Ibadan Road axis at about 5:00 a.m. on May 15, 2026. On sighting the police operatives, the suspects opened fire, leading to a fierce gun duel. The operatives responded professionally, resulting in the neutralisation of two of the suspected kidnappers, while other gang members escaped into the forest with bullet injuries.

In a dramatic follow-up operation, police arrested Seriki Mohammed Abdullahi, the Seriki Fulani of Ijebu Ode, who is also the father of one of the fleeing suspects. Sources told journalists that the investigation initially targeted Bala, Abdullahi’s son, who had reportedly just been released from prison after serving a five-year sentence for kidnapping. Police sources further revealed that the black bag used for ransom delivery was allegedly recovered inside the kitchen of the Seriki’s residence, linking the community leader directly to the criminal network.

Among the items recovered from the gang are N1.5 million suspected to be ransom cash, one AK-47 rifle loaded with 10 rounds of live ammunition, one single-barrel gun, several mobile phones, and one black bag used for ransom transactions.

The Ogun State Commissioner of Police, Bode Ojajuni, praised the operatives for their gallantry, professionalism and resilience, reaffirming the command’s resolve to combat kidnappingarmed robbery, and other violent crimes across the state. The bodies of the two slain suspects have been deposited in a mortuary for autopsy, while efforts are ongoing to track down and arrest other fleeing gang members, including Bala. Investigations are continuing to uncover the full network of the syndicate, and the police have assured that all those arrested will face prosecution.

Ogun Police Gun Down 2 Suspected Kidnappers

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Retired Major General Rabe Abubakar, Wife Abducted by Gunmen in Katsina

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Retired Major General Rabe Abubakar, Wife Abducted by Gunmen in Katsina

Retired Major General Rabe Abubakar, Wife Abducted by Gunmen in Katsina

Retired Major General Rabe Abubakar, a former Director of Defence Information, and his wife have reportedly been abducted by suspected armed bandits in Katsina State, in a fresh incident highlighting the worsening insecurity across Nigeria’s North-West region.

Sources familiar with the development said the retired senior military officer and his wife were kidnapped on Saturday while travelling to Katsina when heavily armed attackers intercepted their vehicle along the Matazu Local Government Area axis of the state.

The incident reportedly occurred along a stretch of road notorious for repeated attacks by armed criminal groups operating in parts of Katsina and neighbouring Zamfara State.

According to security sources, the attackers ambushed the couple’s vehicle and forcefully whisked them away to an unknown destination.

A source close to the matter disclosed that the retired general’s driver narrowly escaped the attack despite sustaining a gunshot wound during the incident.

“Maj. Gen. R. Abubakar, former Director of Defence Information, was kidnapped together with his wife on his way to Katsina today. He was kidnapped along Matazu Local Government Area of Katsina State. His driver escaped with a gunshot injury,” the source said.

The source added that the retired officer’s vehicle, a red Peugeot 504, was later recovered and taken to the Nigeria Police Force divisional headquarters in Matazu.

“The senior officer’s Peugeot 504, red in colour, is parked at the Matazu Division of the Nigeria Police Force,” the source stated.

A separate alert reportedly circulated among military and security circles, allegedly forwarded by retired Brigadier General Sagir Musa, calling for urgent intervention by relevant security agencies.

The message appealed for immediate action to secure the safe rescue of the former military spokesperson and his wife.

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As of the time of filing this report, the Katsina State Police Command had yet to issue an official statement confirming the abduction, while military authorities had also not publicly commented on the development.

However, security sources said search-and-rescue efforts had been initiated, with intelligence operatives and local security formations mobilised to track the abductors.

Major General Abubakar is a well-known retired military officer who served as Director of Defence Information, the arm of the Nigerian military responsible for strategic communications and media relations.

His reported abduction has triggered concern within military and security circles due to his status as a former top defence official.

The attack adds to a long list of kidnappings and violent assaults linked to armed bandit groups operating across Katsina, Zamfara, Sokoto, and parts of Kaduna State.

Matazu Local Government Area has witnessed recurring security breaches despite intensified military operations and surveillance in the region.

Katsina State, the home state of former President Muhammadu Buhari, has remained one of the worst-hit states by armed banditry, with criminal gangs frequently targeting communities, highways and high-profile individuals for ransom.

Over the years, both federal and state authorities have introduced military offensives, dialogue initiatives and local peace agreements aimed at ending the violence.

Several of these peace efforts, however, have collapsed amid repeated attacks and allegations that some criminal groups exploit negotiations to regroup and rearm.

Security analysts say the reported abduction of a retired major general further underscores the boldness of armed groups and raises serious questions about the effectiveness of current counter-banditry strategies in the region.

Residents and stakeholders are now awaiting official confirmation and further updates on efforts to secure the release of the retired officer and his wife.

Retired Major General Rabe Abubakar, Wife Abducted by Gunmen in Katsina

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Driver Dies as SUV Somersaults Multiple Times on Oshodi-Apapa Expressway

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Driver Dies as SUV Somersaults Multiple Times on Oshodi-Apapa Expressway
LASTMA General Manager, Mr Olalekan Bakare-Oki

Driver Dies as SUV Somersaults Multiple Times on Oshodi-Apapa Expressway

LAGOS, NIGERIA – A driver has died after a Sports Utility Vehicle (SUV) lost control and overturned several times along the Oshodi-Apapa Expressway in Lagos State, marking the second major road fatality in the commercial capital within a 10-day period . The fatal accident occurred in the early hours of Saturday at Charity Bus Stop, inward Iyana Isolo , according to a statement issued by the spokesperson of the Lagos State Traffic Management Authority (LASTMA) , Adebayo Taofiq . The agency said preliminary findings showed that the Honda Pilot SUV suddenly veered out of control before overturning multiple times and coming to a devastating stop . The sheer magnitude of the impact led to the immediate death of the driver, whose body became trapped inside the mangled wreckage of the vehicle .

“Preliminary findings indicate that the Honda Pilot Sports Utility Vehicle (SUV) involved in the incident suddenly lost control, causing it to overturn multiple times before coming to a devastating halt. The sheer magnitude of the impact led to the instantaneous death of the driver, whose body became trapped within the severely mangled remains of the vehicle,” the statement read . LASTMA officials, who were carrying out traffic monitoring and management duties in the Iyana Isolo area at the time of the incident, responded swiftly to the emergency . The officers, working alongside personnel of the Mosafejo Police Division , successfully extricated the deceased from the wreckage while managing traffic flow and preventing secondary accidents along the busy corridor . Following the recovery operation, officials of the State Environmental Health Monitoring Unit (SEHMU) evacuated the remains to a public mortuary in line with established public health procedures . The wrecked Honda Pilot SUV was subsequently handed over to officers of the Mosafejo Police Division, who have commenced investigations to determine the immediate and remote causes of the accident.

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Reacting to the incident, the General Manager of LASTMA, Olalekan Bakare-Oki , expressed sadness over the loss of life and extended condolences to the deceased’s family . He urged motorists across Lagos State to exercise caution while driving, obey speed limits, and adhere strictly to traffic regulations, particularly during late-night and early-morning journeys when visibility, alertness, and reaction times may be reduced . Bakare-Oki also warned against reckless driving, dangerous overtaking, excessive speeding, and other traffic violations that could lead to avoidable tragedies on the roads. “Motorists are strongly urged to eschew reckless driving, dangerous overtaking, excessive speeding and every form of traffic infraction capable of precipitating avoidable tragedies on our roads. The sanctity and preservation of human life must remain paramount in the conduct of every road user. No journey is so urgent as to justify compromising safety,” he stated .

This tragic incident occurred just 10 days after a dispatch rider was killed by a trailer at the Ilupeju Bypass . It was gathered that the tragic crash happened after the dispatch rider reportedly engaged in a struggle for right of way with a commercial minibus, popularly known as “Korope” . In the process, he lost control of the motorcycle and collided with a moving articulated trailer along the busy Ilupeju corridor . The impact of the collision caused severe injuries, leading to the rider’s instant death at the scene . LASTMA officials successfully recovered the remains of the deceased rider trapped beneath the trailer while implementing measures to ease the heavy traffic congestion caused by the accident . Bakare-Oki had earlier warned about the rising rate of crashes involving dispatch riders, noting that over 862 crash victims involving dispatch riders were rescued through emergency interventions in 2025 alone . He identified several accident-prone routes including Eko Bridge, Lekki-Epe Expressway, Otedola Bridge, Ikorodu Road, Oshodi-Apapa Expressway , and railway crossings around Ikeja, attributing the crashes to reckless overtaking, driving against traffic, fatigue, poor motorcycle maintenance, and phone use while riding.

Driver Dies as SUV Somersaults Multiple Times on Oshodi-Apapa Expressway

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