The Economic and Financial Crimes Commission (EFCC), Port Harcourt Zonal Command, has arraigned Precious Williams, the Managing Director of Glossalalia Nigeria Ltd and Pelenged Nigeria Ltd, before Justice S.I. Mark of the Federal High Court sitting in Port Harcourt, Rivers State.
Williams is facing a 14-count charge bordering on conspiracy, advance fee fraud, obtaining money under false pretence, and money laundering to the tune of N13.8 billion.
According to the EFCC, the offences contravene Section 15(2)(b) of the Money Laundering (Prohibition) Act, 2011 (as amended), and are punishable under Section 15(3) of the same Act.
In a statement released by EFCC’s Head of Media and Publicity, Dele Oyewale, Williams pleaded not guilty when the charges were read to her in court.
Following the plea, prosecution counsel E.K. Bakam requested a trial date and applied for the defendant to be remanded in a correctional facility. However, defence counsel Tochukwu Maduka (SAN) informed the court that a bail application had already been filed and urged the court to grant his client bail to allow her prepare for trial.
Bakam opposed the request, arguing that the application was premature as it was filed before the charges were amended and prior to the defendant’s arraignment. He insisted that the defence should submit a fresh bail application.
Justice Mark ruled that Williams be remanded at the Port Harcourt Correctional Center and adjourned the case to June 17, 2025, for the hearing of the bail application.
The EFCC disclosed that Williams was arrested following multiple petitions alleging that she fraudulently collected money from over 3,000 victims under false pretences.
Between 2019 and 2020, Williams, alongside MBA Trading and Capital Investments Limited (MBA TCIL) and other agents, reportedly promoted an investment scheme via social media and marketing campaigns. The scheme promised monthly returns of 10 to 15 percent and assured investors that they could withdraw their capital after six months or reinvest it.
However, after collecting billions of naira from unsuspecting members of the public, neither the promised returns nor the initial capital was paid back. Several other suspects connected to the alleged scheme are currently at large.
The EFCC says investigations are ongoing.
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