A Federal High Court in Port Harcourt has remanded one Precious Williams in custody over her alleged involvement in a massive ₦13.8 billion Ponzi scheme that reportedly defrauded over 3,000 Nigerians.

The order was issued on Monday following her arraignment by the Economic and Financial Crimes Commission (EFCC) on a 14-count charge.

Williams, a director in multiple firms including Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, was charged with conspiracy, obtaining by false pretence, and money laundering.

According to the EFCC, the defendant allegedly received large sums traced to the now-at-large Maxwell Chizi Odum and his firm, MBA Trading and Capital Investment Ltd, which lured investors with promises of monthly returns ranging from 10% to 15%.

One of the charges detailed how Williams allegedly received ₦10 billion between August 2019 and February 2020 through her Sterling Bank account. The funds were allegedly part of proceeds fraudulently obtained from a victim, Christian I. Agadaga, and thousands of others. The EFCC said she “reasonably ought to have known” the money was linked to unlawful activities, thereby violating the Money Laundering (Prohibition) Act.

Another charge involved ₦1.005 billion traced to Pelegend Nigeria Ltd’s Polaris Bank account, also linked to the same fraudulent investment scheme. The EFCC stated that the pattern showed clear signs of Williams’ active involvement in laundering money sourced through deception.

Williams pleaded not guilty to all 14 charges. In response, EFCC counsel, E.K. Bakam, requested the court to set a trial date and have the defendant remanded. Her defence lawyer, Senior Advocate of Nigeria Tochukwu Maduka, informed the court of a pending bail application.

However, Bakam opposed the bail motion, arguing that it was premature since it had been filed before the charges were amended and before arraignment took place. He urged the court to disregard the application for now.

Justice S.I. Mark sided with the prosecution and ordered that Williams be remanded at the Port Harcourt Correctional Centre. The case was adjourned to June 17, 2025, for a hearing on the bail application.