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Ponzi scheme director arraigned in P’Harcourt over N13.8bn fraud
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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Family of Slain Oyo Teacher Begs Tinubu, Makinde for Body Recovery
Family of Slain Oyo Teacher Begs Tinubu, Makinde for Body Recovery
The family of Deacon John Olaleye, one of two teachers killed during the mass abduction of pupils and teachers in Oriire Local Government Area of Oyo State, has made an emotional appeal to President Bola Tinubu and Governor Seyi Makinde to help recover his remains for a dignified burial . The deceased’s elder brother made the appeal following the release last Friday of the 39 pupils and remaining teachers abducted on May 15, 2026, after 56 days in captivity . “I am John Olaleye Olayinka’s brother, one of the teachers killed during Oriire abduction. We never knew he was killed not until we listened to the broadcast (by the governor). We beg the government to help us recover his remains even if it is his bone. It is about the future especially as it relates to his children,” the family member said . The family also begged the government to support the late teacher’s children’s education and provide employment for his wife to keep the family running . “Second, we would be happy if the government can support his wife with employment. The deceased left three children. We appealed to the government to help us sponsor their education,” the family member stated .
On May 15, 2026, heavily armed gunmen simultaneously attacked Community High School, Ahoro-Esinle; L.A. Primary School, Ahoro-Esinle; and Baptist Nursery and Primary School, Yawota, all in Oriire Local Government Area . The attackers abducted 39 pupils and seven teachers, subjecting them to harsh conditions while being moved through forests to evade security operatives . Principal of Community High School, Ahoro-Esinle, Mrs. Rachael Alamu, recounted the harrowing 56-day ordeal, revealing that children were beaten into silence, male teachers were chained and blindfolded, and the victims were forced to undertake dangerous midnight treks through forests . “You can only imagine it. It was not easy. We were in the forest, in the open, most of the time, under the sun and under the rain, with the children. But we kept going because there was no way out,” Alamu said . The principal disclosed that while she was not physically assaulted, several of the younger pupils endured severe beatings whenever they cried or made noise. The kidnappers would tie the children’s mouths with pieces of cloth and beat them . “The men had it worse than us. They were blindfolded, handcuffed and chained on their legs,” she added .
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During the 56-day ordeal, two teachers lost their lives. According to Alamu, Deacon John Olaleye was killed on the first Sunday in June, while Mr. Michael Oyedokun was also killed in captivity . “The deacon was killed on the first Sunday in June. They (terrorists) killed two colleagues of ours purposely because they felt that would force the government to give them whatever they wanted,” the principal stated . A third teacher, Mr. Joel Adesiyan, was killed on the day of the abduction within the school premises . Additionally, another teacher, Mr. Esiyan Adegboye, was shot dead on the day of the abduction on the school premises. Adegboye was buried in Ogbomoso on May 22 .
Security forces rescued the surviving victims on July 10, 2026, through a coordinated operation involving the military, Department of State Services, police, and local vigilantes . The operation lasted more than a month, focusing on identifying terrorist kingpins and dismantling their networks . The rescue operation claimed the lives of security personnel, including Lieutenant F. A. Isaac of the Nigerian Army, Private Silas Musa of the 81 Battalion, Nigerian Army, and Sergeant Abena John Jerome of the Nigeria Police Force . Additionally, Mr. Adigun Saibu, Mr. Isa Saliu, Mr. Rafiu Ayuba, and an unnamed soldier also died during the operation . The Oyo State Government has honoured all the fallen victims in a memorial message, releasing an “In Memoriam” list containing the names of civilians and security personnel who died during the Ahoro-Esinle and Yawota abduction incident . The civilians honoured include Mr. Michael Oyedokun, Deacon John Olaleye, Mr. Joel Adesiyan, and Mr. Oluwasegun Akanni .
The Senate approved a N50 million donation to the families of five victims—two teachers and three security operatives who lost their lives during the rescue operation . Senate President Godswill Akpabio announced that each family would receive N10 million . “We’re extending a token of N50 million to be divided among the five deceased families—the families of the two teachers and the families of the three operatives who lost their lives—N10 million each,” Akpabio stated . The Senate President subsequently directed the leadership of the upper chamber to present the cheques to the bereaved families .
The family of Michael Oyedokun has also appealed to President Tinubu and Governor Makinde to help recover his remains . While Olaleye’s family joins this plea, they continue to wait for the recovery of his remains, hoping for closure after the tragic end to the 56-day ordeal . Governor Makinde, in his statewide broadcast following the rescue, acknowledged the pain of losing the teachers, describing them as heroes who made the ultimate sacrifice . The Oyo State Government has committed to supporting the bereaved families during this trying period . The family of Deacon John Olaleye continues to wait for the recovery of his remains, hoping for closure after the tragic end to the 56-day ordeal .
Family of Slain Oyo Teacher Begs Tinubu, Makinde for Body Recovery
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Court Remands 19-Year-Old for Allegedly Defiling, Impregnating 14-Year-Old Girl
Court Remands 19-Year-Old for Allegedly Defiling, Impregnating 14-Year-Old Girl
The Anambra State Children, Sexual and Gender-Based Violence Offences Court sitting in Awka has ordered the remand of a 19-year-old man, Chibuike Ikemelu, for allegedly defiling and impregnating a 14-year-old girl . Ikemelu is facing a one-count charge of defilement following his arraignment on Wednesday, July 15, 2026, before the court . The prosecutor, Inspector Chinyere Okechukwu, told the court that the defendant committed the offence between December 4 and December 11, 2025, at Umuebo village in Abatete, Idemili North Local Government Area of Anambra State. According to the prosecution, the defendant took the minor to a bush near her school premises where he allegedly defiled her. The matter came to light after the girl’s parents discovered she was pregnant and subsequently reported the case to the authorities.
The prosecutor stated that the offence contravened Section 3(2) of the Anambra State Violence Against Persons (Prohibition) Law, 2017 . The Anambra VAPP Law, domesticated in 2017, expanded the criminal jurisprudence of rape by making it complete upon non-consensual penetration of the victim’s orifices—mouth, vagina, or anus—with the penis, any body part, or even an object . The law confers jurisdiction on Magistrate Courts and High Courts to hear sexual and gender-based violence cases . The prosecutor prayed the court to remand the defendant in a correctional facility pursuant to Section 130(2)(a)(b) of the Administration of Criminal Justice Law, 2022. Chief Magistrate Mrs. U.E. Onochie granted the prosecution’s request and ordered that Ikemelu be remanded at the Awka Correctional Facility . She adjourned the case until August 12, 2026, for hearing.
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Ikemelu was one of three suspects arraigned before the court on Wednesday, following the conclusion of police investigations . Anambra State Police Command spokesperson, SP Tochukwu Ikenga, disclosed in a press statement that the suspects were arraigned on separate charges bordering on alleged incest, defilement, and rape . The other two suspects arraigned alongside Ikemelu include Ikenna Mojekwu, facing charges of alleged incest for reportedly engaging in unlawful sexual acts with his 14-year-old daughter in Aguluzoigbo, Anaocha Local Government Area, and Chukwuma Emenike, aged 16, who was arraigned on allegations of defiling an eight-year-old girl in Umuoji, Idemili North Local Government Area . All three suspects have been remanded in accordance with court orders, with their matters adjourned to later dates for further hearing .
The Anambra State Police Command reiterated its resolve to investigate and diligently prosecute all cases involving sexual and gender-based violence, encouraging victims and members of the public to promptly report such offences . The command assured the public that every report will be treated with the seriousness it deserves while safeguarding the rights of victims and ensuring due process . The Children, Sexual and Gender-Based Violence Offences Court has recently handled several similar cases, reflecting the state’s intensified crackdown on crimes against vulnerable persons, particularly children . According to the police command, cases involving sexual offences and child abuse are treated as grave offences, with all related cases being thoroughly investigated and prosecuted .
Court Remands 19-Year-Old for Allegedly Defiling, Impregnating 14-Year-Old Girl
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Court Orders Final Forfeiture of N8.9bn Assets Linked to Aisha Achimugu
Court Orders Final Forfeiture of N8.9bn Assets Linked to Aisha Achimugu
A Federal Capital Territory High Court sitting in Apo, Abuja, has ordered the final forfeiture of assets valued at approximately N8.9 billion linked to businesswoman Aisha Achimugu to the Federal Government. Justice Jude Onwugbuzie granted the permanent forfeiture order on Thursday, July 16, 2026, while delivering judgment on an application by the Economic and Financial Crimes Commission (EFCC) seeking the final forfeiture of the assets. The court held that the anti-graft agency had met the legal requirements for the final forfeiture of the assets, paving the way for their permanent confiscation by the Federal Government.
The forfeited assets include a diverse range of luxury properties, personal effects and cash holdings, all traced to Achimugu. According to the EFCC, the court ordered the permanent forfeiture of jewellery valued at N4,645,170,294.9, 11 exotic vehicles worth N4,293,000,000, $50,000 (US dollars) in cash, and an additional N30,000,000 in cash. The combined value of the naira-denominated jewellery, vehicles and cash stands at more than ₦8.9 billion, excluding the dollar component. The commission had earlier secured an interim forfeiture order before applying for the final forfeiture ruling.
Achimugu, who made headlines in January 2024 for hosting a lavish seven-day 50th birthday party on the Caribbean Island of Grenada attended by high-profile Nigerians, has been under investigation by the EFCC over allegations of money laundering, corruption, and possession of properties reasonably suspected to have been unlawfully obtained. In March 2025, the anti-graft agency declared the businesswoman wanted over allegations bordering on criminal conspiracy and money laundering. About a month later, Achimugu was arrested by EFCC operatives at the Nnamdi Azikiwe International Airport, Abuja, shortly after arriving from London, according to her legal team. She was subsequently granted release after the Federal High Court in Abuja, presided over by Justice Inyang Ekwo, made an order following submissions by her lawyers. The court had directed Achimugu to present herself to the EFCC for questioning over the ongoing investigation and subsequently ordered the commission to produce her before the court with a compliance report. In her defence, Achimugu has maintained that she built her wealth through legitimate entrepreneurship since 2001, denying allegations that her money came from political connections.
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In a separate development, the EFCC also secured a final forfeiture order in March 2026 for **$13 million** traced to Oceangate Engineering Oil & Gas Ltd, a company linked to Achimugu, with Justice Emeka Nwite holding that the anti-graft agency was able to prove that the funds were proceeds of fraud. Investigators alleged that part of the forfeited funds was connected to contractors of the Lagos State Government. According to court filings by the EFCC, the company emerged as a successful bidder for two petroleum prospecting licences during the 2024 oil licensing round, with financial commitments exceeding $37.2 million. Investigators alleged that $20 million paid towards the acquisition was partly funded through cash transactions routed via unlicensed Bureau de Change operators and intermediaries, including $13 million allegedly collected through proxies in Abuja and Lagos before being used for signature bonus payments. Achimugu is the Group Managing Director and Chief Executive Officer of Felak Concept Group, the parent company of Oceangate Engineering Oil & Gas Ltd, both of which the EFCC alleges she controls. Oceangate Engineering Oil & Gas Ltd has since commenced the process of filing an appeal against the $13 million forfeiture order.
The ruling represents another major asset recovery action by the EFCC as part of its efforts to recover properties suspected to have been acquired through proceeds of unlawful activities. The final forfeiture order came a day after another significant development, with a Federal High Court in Abuja ordering the final forfeiture of 48 properties linked to former Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), after finding the assets were reasonably suspected to have been acquired with proceeds of unlawful activities. The forfeiture of Achimugu’s assets marks the latest chapter in the EFCC’s ongoing investigation into her financial dealings, which have been closely watched by the public and legal observers.
Court Orders Final Forfeiture of N8.9bn Assets Linked to Aisha Achimugu
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