By Prosper Mene
A Federal High Court in Port Harcourt, Rivers State, has ordered the remand of Precious Williams, a director of Glossalalia Nigeria Ltd. and Pelenged Nigeria Ltd., in connection with an alleged N13.8 billion Ponzi scheme that defrauded numerous investors. The Economic and Financial Crimes Commission (EFCC) arraigned Williams on multiple charges of fraud, money laundering, and operating an illegal investment scheme, following a series of complaints from victims across Nigeria.
The EFCC’s Port Harcourt Zonal Directorate revealed that Williams and her companies allegedly lured investors with promises of exorbitant returns, ranging from 20% to 50% monthly, on investments in purported cryptocurrency and forex trading ventures. Investigations, however, uncovered that the companies operated a classic Ponzi scheme, using funds from new investors to pay returns to earlier participants, with no legitimate underlying business to sustain the payouts. The scheme reportedly collapsed in early 2025, leaving thousands of investors, including retirees and small-scale entrepreneurs, with significant financial losses.
According to the EFCC, the N13.8 billion figure represents the total amount allegedly collected from investors between 2022 and 2025. Prosecutors presented evidence of bank transactions, promotional materials, and victim testimonies, which detailed how Williams and her associates used aggressive marketing tactics, including social media campaigns and religious endorsements, to gain trust. The EFCC further alleged that a significant portion of the funds was diverted for personal use, including the acquisition of luxury properties and vehicles.
During the court session, presided over by Justice E.A. Obile, the prosecution argued for Williams’ remand, citing the severity of the charges and the risk of her interfering with ongoing investigations. The defense, led by Williams’ counsel, requested bail, arguing that their client was a first-time offender with strong community ties. However, the court denied the bail application, ordering Williams to be held at the Port Harcourt Correctional Centre pending the next hearing scheduled for July 10, 2025.
The case has garnered widespread concern in Nigeria, where Ponzi schemes have proliferated amid economic hardships and rising unemployment. A recent report by the EFCC highlighted that Nigerians have lost over N911 billion ($589 million) to such scams over the past 23 years, with perpetrators exploiting financial illiteracy and desperation for quick wealth. The Williams case is among the largest of its kind in recent years, drawing comparisons to the infamous MMM Nigeria collapse in 2016.
Victims of the alleged scheme, many of whom gathered outside the courthouse, expressed frustration and despair. “I invested my life savings, N4 million, hoping to secure my children’s future,” said Esther Okon, a 52-year-old widow from Akwa Ibom. “Now, it’s all gone, and we’re left with nothing.” Community leaders and financial experts have called for stricter regulations on investment schemes and increased public awareness to prevent similar incidents.
The EFCC has vowed to intensify its crackdown on financial crimes, with ongoing investigations into other individuals and entities linked to Williams’ operations. The agency also urged the public to report suspicious investment schemes and verify the legitimacy of financial institutions before investing.
