PORT HARCOURT, NIGERIA — June 18, 2025 | By IDNN Financial Crime Desk
The Economic and Financial Crimes Commission (EFCC) has arraigned Precious Williams, a director of two Nigerian companies, over her alleged involvement in a sprawling ₦13.8 billion Ponzi scheme that defrauded over 3,000 investors.
Williams was brought before Justice S.I. Mark of the Federal High Court in Port Harcourt on Monday to face 14 counts, including conspiracy, money laundering, and obtaining funds under false pretenses.
The charges are linked to her alleged role in the infamous MBA Trading and Capital Investment scam—a now-defunct investment platform that promised unrealistic monthly returns of up to 15%.
“She knowingly received proceeds of fraud into multiple company accounts,” EFCC spokesperson Dele Oyewale said in a statement.
THE SCHEME: FAKE RETURNS, REAL DAMAGE
Between 2019 and 2020, MBA Trading, founded by Maxwell Chizi Odum (still at large), operated a sophisticated investment fraud network that leveraged aggressive marketing and social media hype to lure unsuspecting Nigerians.
Williams allegedly received:
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₦10 billion via Sterling Bank
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₦1.005 billion through a Polaris Bank account
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Other sums across multiple entities including Glossolalia Nigeria Ltd, Pelegend Nigeria Ltd, and Doxasterz Oil & Gas
These funds, EFCC claims, were proceeds of unlawful activities disguised as legitimate investment returns.
⚖️ COURTROOM DEVELOPMENTS
Williams pleaded not guilty to all charges.
Her lead counsel, SAN Tochukwu Maduka, filed a bail application, arguing her right to prepare for trial. EFCC prosecution opposed it, saying the application was premature as it predated formal arraignment.
Justice Mark ruled in EFCC’s favor and remanded Williams at the Port Harcourt Correctional Centre pending the next bail hearing on June 17, 2025.
🚨 EFCC’s WARNING TO NIGERIANS
The anti-graft commission has renewed its advisory against Ponzi schemes, warning Nigerians—especially youth—against get-rich-quick ventures that promise high returns with little risk.
Assistant Commander Aisha Abubakar from the Enugu Zonal Office, during a recent NSCDC management retreat, cited previous scams like:
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MMM Nigeria
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Chinmark Group
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CBEX (which offered 100% ROI in 30 days)
“Cyber fraud has become a system, driving out legitimate business and weakening our economy,” she warned.
🔍 ONGOING CRACKDOWN
The EFCC says investigations are ongoing to locate Chizi Odum and recover stolen assets. Earlier this year, it secured a final forfeiture of over ₦6.67 billion linked to Cititrust Holdings, another alleged Ponzi outfit.
In March, 28 suspects running a fake MLM firm, Q-Net Ltd, were arrested in Niger State for collecting $850 from each victim under false international franchise claims.
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