The Economic and Financial Crimes Commission (EFCC) has arraigned Precious Williams, a director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, before the Federal High Court in Port Harcourt over an alleged N13.8 billion fraud involving more than 3,000 investors.
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Williams is facing a 14-count charge bordering on conspiracy, obtaining money under false pretenses, and money laundering.
According to the EFCC, Williams allegedly used her company’s account with Sterling Bank to receive over N10 billion between August 2019 and February 2020, fully aware that the funds were proceeds of fraudulent activities.
The commission also stated that she and her firm received more than N1 billion through a Polaris Bank account between December 2019 and November 2020, under similar circumstances.
The funds were reportedly collected from unsuspecting investors who were lured with promises of high returns.
Williams pleaded not guilty to all charges when they were read in court. While the prosecution requested that she be remanded and a date fixed for trial, her defense counsel applied for bail to enable adequate preparation for her case.
However, the presiding judge ruled that a fresh bail application must be submitted and subsequently ordered her remand at the Port Harcourt Correctional Centre. The case was adjourned to June 17, 2025, for the bail hearing.
