EFCC Arraigns Director of Glossolalia Nigeria Ltd Over N13.8 Billion Investment Scam

Strategic Insights -

Precious Williams, the Director of Glossolalia Nigeria Ltd and Pelenged Nigeria Ltd, has been brought before the Federal High Court in Port Harcourt by the Economic and Financial Crimes Commission (EFCC) on charges of conspiracy, advance fee fraud, and money laundering. The alleged scheme, which involved MBA Trading and Capital Investment Limited (MBA TCIL), promised victims returns of 10% to 15% per month, but instead, they were left with losses of over N13.8 billion. The EFCC claims that Williams played a key role in the movement and concealment of illicit funds obtained from thousands of unsuspecting investors.

Key Takeaways:

  • Williams has been arraigned on 14 counts of conspiracy, advance fee fraud, obtaining money under false pretences, and laundering proceeds of unlawful activity.
  • The alleged scheme involved a large-scale investment scam orchestrated between 2019 and 2020, involving MBA TCIL and its promoters.
  • Williams is accused of playing a key role in the movement and concealment of illicit funds obtained from over 3,000 victims across Nigeria.
  • The EFCC alleges that Williams received N10 billion, with additional N1.005 billion received through Pelegend Nigeria Ltd's account with Polaris Bank.
  • Williams pleaded 'not guilty' to all charges and her counsel applied for bail, which was opposed by the prosecution.
  • Williams was remanded at the Port Harcourt Correctional Centre and the matter has been adjourned until June 17, 2025, for hearing of the bail application.
  • The EFCC has vowed to pursue all those involved in the fraudulent scheme and recover stolen funds for the victims.

Statistics:

  • Over N13.8 billion was allegedly lost by victims of the investment scam.
  • The scheme involved thousands of unaware investors, with over 3,000 victims from across Nigeria.
  • Williams is accused of receiving N10 billion, with additional N1.005 billion received through Pelegend Nigeria Ltd's account with Polaris Bank.
  • The EFCC has identified multiple petitions from victims, who claimed they were deceived into investing in the scheme.

Sources:

  • "EFCC Arraigns Director of Glossolalia Nigeria Ltd Over N13.8 Billion Investment Scam" [The Guardian Nigeria]
  • "EFCC Trails N13.8b Investment Scam to Rivers" [The Nation]