Economic and Financial Crimes Commission (EFCC) recently arraigned one Precious Williams, managing director of Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, for her alleged involvement in a ₦13.8 billion Ponzi scheme.
The suspect, arraigned before the Port Harcourt Federal High Court on June 17, 2025, was said to have received billions of naira through her companies from MBA Capital and Trading Investment Ltd operated by wanted fraud suspect, Maxwell Chizi Odum.
But beyond the courtroom drama, Nigeria is also witnessing a consolidation of mechanisms to end and curb such scams and provide relief to victims. The EFCC has intensified its battle against economic and financial crimes.
One of the pillars is the implementation of the Proceeds of Crime (Recovery and Management) Act, 2022, that gives the EFCC the power to seize, manage, and recover proceeds of crime. The Act has tremendously enhanced the commission’s ability to trace and recover illicit wealth and redirect it to the public purse.
On the judicial side, Nigeria’s Ministry of Justice, in collaboration with the National Judicial Council, has launched specialist financial crime courts in Lagos, Abuja, and Port Harcourt. The new courts will help expedite the hearing of fraud cases and bring an end to lengthy trial delays that have affected white-collar prosecutions.
The Williams case is being tried under this new regime, with an accelerated hearing schedule and special judicial officers. This method has already enhanced the rate at which cases are completed, especially in Lagos.
Furthermore, with the legislative reforms, there is now a multi-agency framework developing to prevent Ponzi schemes in Nigeria, bringing together the resources of financial regulators, law enforcement, and technology experts.
EFCC, alongside regulatory bodies like the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN) are working to increase and intensity fintech monitoring and shut down unregistered investment platforms.
Public awareness campaigns are also being introduced to educate citizens on how to recognize the red flags of Ponzi schemes and to urge citizens to authenticate investment platforms prior to investing.
This approach is a move from reactive prosecution to preventive enforcement, designed to safeguard vulnerable Nigerians from economic scams.
Meanwhile, to deal with the systemic loopholes that allow such schemes to flourish, the Corporate Affairs Commission (CAC) has started applying know your director (KYD) processes. The new policy requires more thorough screening of company directors and beneficial owners at registration, with periodic audit.
These changes are expected to fill the lapses that scammers like Odum and Williams allegedly exploited by operating multiple firms under multiple names with little oversight. The CAC has also opened up company records for more public scrutiny, allowing potential investors to do due diligence on firms more effectively.
Above all, cross-border collaboration is growing. The EFCC is collaborating with INTERPOL and ECOWAS crime desks to track and deliver Maxwell Odum who is still on the wanted list of the agency and other criminals.
Through this means, Nigeria has recovered suspects and assets from Ghana and the UAE since 2023 through mutual legal assistance agreements. This indicates that justice for cross-border fraud cases no longer stops at the borders of Nigeria. The result of the case can further strengthen such collaborative frameworks, indicating to fraudsters that the net is tighter than ever before.
In general, though the scam itself is a bleak reminder of the economic desperation and exploitation so many Nigerians must endure, the range of solutions now being put in place from speedier court hearings and restitution programs to Internet alerts and tighter regulation testifies to an increasing resolve for systemic change.
To victims, it offers hope; to the public in general, it delivers a firm message that the system is learning, adapting, and fighting back.
The Economic and Financial Crimes Commission (EFCC) has arraigned Precious Williams, a managing director in Nigeria, for allegedly operating a ₦13.8 billion Ponzi scheme through her companies linked to a wanted fraud suspect, Maxwell Chizi Odum.
Nigeria is addressing such scams through intensified enforcement of the Proceeds of Crime (Recovery and Management) Act, 2022, which empowers the EFCC to seize and recover illicit wealth.
New specialist financial crime courts are established to expedite fraud case hearings, while legislative reforms and multi-agency frameworks are developing to prevent financial crimes.
Additionally, the Corporate Affairs Commission is implementing stronger screening practices to prevent fraudulent company operations.
Public awareness campaigns are being conducted to help citizens recognize Ponzi schemes, and there's an ongoing collaboration with INTERPOL and ECOWAS to track and apprehend international criminals.
Recent cross-border recoveries emphasize Nigeria's commitment to combating financial fraud, reinforcing that the nation is actively strengthening its systems to protect its citizens and deliver justice effectively.
