The Federal High Court in Port Harcourt, Rivers state has remanded Precious Williams, the director of Glossolalia Nigeria Ltd and Pelegend Nigeria Lim
The Federal High Court in Port Harcourt, Rivers state has remanded Precious Williams, the director of Glossolalia Nigeria Ltd and Pelegend Nigeria Limited (Ltd) in a correctional facility for her involvement in a N13.8 billion ponzi scheme.
The Economic and Financial Crimes Commission (EFCC) arraigned Williams before Justice S.I. Mark on a 14-count charge comprise of conspiracy, advance fee fraud, and obtaining money under false pretence.
The spokesperson of the EFCC, Dele Oyewale revealed that the charges arise from a sophisticated fraud operation carried out with Maxwell Chizi Odum who is currently at large and MBA Trading and Capital Investment Limited, which is also unaccounted for.
Oyewale mentioned that the defendant, Precious Williams, received several billions of naira into various corporate accounts as part of the fraudulent scheme.
He further stated that Williams used multiple companies to execute the scheme, including Glossolalia Nigeria Limited, Pelegend Nigeria Limited, Phenom 413 Events Limited (whose representative is still at large), and Doxasterz Oil and Gas Limited.
One of the counts read, “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 read, “Mrs 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 spokesperson also revealed that the money was obtained by falsely promising investors monthly returns of 10 to 15 percent, which were never delivered.
However, Williams denied all the charges levelled against her by pleasing not guilty.
Following her plea, the prosecuting lawyer, E.K. Bakam, asked the court to keep her in custody and set a date for the trial.
Defence lawyer Tochukwu Maduka, a Senior Advocate of Nigeria (SAN), told the court that a bail application had already been submitted.
He appealed to the court to approve the bail so the defendant could adequately prepare for her defence.
However, the prosecuting counsel objected to the request, claiming that the application was premature since it was filed before the charges were amended and the arraignment was officially completed.
Bakam urged the court to dismiss the current application and ask for a new one to be properly filed.
Justice Mark agreed with the prosecuting counsel and directed that the defendant be remanded at the Port Harcourt correctional centre.
The judge then adjourned the case to Tuesday, June 17 for the further hearing.
