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| Precious Williams Appears in Court for Alleged N13.8 Billion Fraud |
Williams, director at Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, appeared before Justice S.I. Mark in Port Harcourt. She faces 14 counts, including conspiracy, obtaining money under false pretense, and money laundering .
EFCC’s media chief, Dele Oyewale, said investors were lured with promises of 10–15 percent monthly returns. Between August 2019 and February 2020, Williams allegedly received N10 billion via a Sterling Bank account from Maxwell Odum and MBA Trading & Capital Investment Ltd .
Further claims show over N1 billion flowed through a Polaris Bank account from December 2019 to November 2020. EFCC links those funds to the same fraudulent scheme .
Williams pleaded not guilty. Prosecution counsel E.K. Bakam urged remand pending trial. Defense lawyer Tochukwu Maduka sought bail, citing her right to prepare a strong defense. Justice Mark denied bail without a fresh application and remanded Williams to Port Harcourt Correctional Centre. The bail hearing is set for June 18 .
Legal experts say large-scale investment scams harm public trust in financial markets. Law professor Amina Sani notes that swift prosecution deters would-be fraudsters. Investment analyst Chinedu Okeke warns investors to verify schemes with the Corporate Affairs Commission before depositing funds.
Survivors of the alleged scam describe months of phone calls, emails, and social-media ads promising safe, high returns. Many sent life savings. One victim said she lost N2 million and now struggles to support her family.
Balanced observers point to systemic gaps. Regulators must strengthen oversight. Banks should flag suspicious large inflows. Investors must seek clear records and audit reports.
The EFCC’s strong stance signals zero tolerance for financial crime. Justice Mark’s swift rulings reflect growing judicial resolve. As the case unfolds, it will test Nigeria’s legal framework against complex fraud.
The next court date on June 18 will focus on bail. Stakeholders await detailed trial schedules. Investors hope for restitution; authorities aim for precedent.
The case underlines the need for financial literacy. It warns the public to beware too-good-to-be-true returns. It calls banks and regulators to guard against money-laundering loopholes.
Precious Williams’s trial may span months. It shines a light on Ponzi-style schemes that prey on trust. It reminds all that justice demands vigilance.
What lessons should regulators learn? How can investors protect savings? Share views below and foster respectful discussion.