EFCC arraigned Precious Williams, director of Glossolalia and Pelegend Nigeria Ltd, before Justice S.I. Mark in Port Harcourt on June 16, 2025. She faces 14 charges, including conspiracy, advance fee fraud, and money laundering, over ₦13.8 billion linked to the MBA Trading Ponzi scheme. Williams allegedly moved ₦10bn through company accounts from over 3,000 investors promising 10-15% monthly returns between 2019-2020.
Key Takeaways:
- Scale of Fraud: Over 3,000 investors defrauded of ₦13.8bn through false investment promises
- Corporate Structure: Multiple companies used to launder funds - Glossolalia, Pelegend, Phenom 413 Events, Doxasterz Oil and Gas
- Principal Fugitive: Maxwell Chizi Odum, MBA, Trading founder, remains at large sincethe scheme collapsed
- Legal Process: Williams pleaded not guilty, remanded until June 17 bail hearing, arrested in April 2021
Multiple registered companies, bank accounts, and professional presentations establish institutional credibility, attracting larger investments. The psychological insight: Nigerians trust corporate aesthetics over due diligence. Aggressive social media marketing and professional branding convinced thousands to invest billions.
For Nigerian investors, this demonstrates how fraudsters exploit respect for business formality. Real investment companies face regulatory scrutiny; fake ones simply register impressive-sounding entities. The lesson: corporate registration creates appearance, not accountability.
Sources:
EFCC, Daily Trust, Vanguard News, Nigerian Eye, Leadership, The Whistler
