EFCC arraigns director over alleged N13.8b investment fraud
The Economic and Financial Crimes Rate (EFCC), Port Harcourt Zonal Directorate, has arraigned Precious Williams, director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, sooner than Justice S. I. Impress of the Federal High Court sitting in Port Harcourt, Rivers Inform.
Williams is going by a 14-count bordering on conspiracy, acquiring money beneath fallacious pretence, reach price fraud, and money laundering to the tune of N13.8 billion. The costs stem from her alleged involvement in a fallacious investment scheme linked to MBA Buying and selling and Capital Investment Restricted.
One in all the costs read, “That you just, Precious Williams of Glossolalia Nigeria Restricted; Pelegend Nigeria Restricted, Phenom 413 Events Restricted (company book at huge), and Doxasterz Oil and Gas Restricted, sometime between August 24, 2019, and February 15, 2020, at Port Harcourt, at some point of the jurisdiction of this Honourable Court, at as soon as took possession of the sum of Ten Billion Naira (N10,000,000,000.00) handiest from Maxwell Chizi Odum (silent at huge) and MBA Buying and selling and Capital Investment Restricted (at huge) by your Trusty Financial institution PLC Account… whenever you happen to reasonably should have known that the talked about funds formed section of the proceeds of unlawful actions.”
One other charge valuable aspects the alleged receipt of over N1 billion by a Polaris Financial institution legend operated by Pelegend Nigeria Restricted, funds the EFCC says had been proceeds of fraud.
Williams pleaded “now no longer responsible” to all costs. Prosecution counsel, E. K. Bakam, requested the court to repair a date for trial and requested for the defendant to be remanded in a correctional facility. He also antagonistic the defendant’s bail utility, arguing it used to be filed in reach—sooner than the amended costs and sooner than arraignment.
Defence counsel, Tochukwu Maduka, SAN, requested that Williams be granted bail to enable her ample time to organize her defence.
Justice Impress ruled that the defendant be remanded on the Port Harcourt Correctional Heart and adjourned the case to June 17, 2025, for hearing of the bail utility.
Williams’ arrest adopted petitions alleging that she got funds from over 3,000 victims beneath fallacious pretence. The EFCC talked about the fraud used to be applied by the promotion of a excessive-yield investment scheme that promised monthly returns of 10 to 15 p.c. Victims had been allegedly suggested they may per chance per chance per chance either withdraw their capital after six months or reinvest, nonetheless the company reportedly failed to bring on each and each returns and refunds.
Investigations impress that the scheme fervent huge social media advertising and marketing and train promotions by brokers. Other key suspects, alongside side Maxwell Chizi Odum, dwell at huge.
