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MBA Forex Victims: Can EFCC Deliver Justice?
Port Harcourt is known to bust with a Ponzi scheme from time to time, and the lesson is hardly learnt. From the days of Umana Umana bank where lives were ruined when important persons banked and crashed with them, to the MBA Forest of recent, it has been same tale.
Port Harcourt is an oil zone and so a mega bucks zone. People earn big and lose big because they invest big; in good and bad.
So, when a scheme came called MBA Forex emerged, big investors poured in billions of naira, and when it crashed, souls went aflame and ablaze. Many had hoped and prayed that government agencies could intervene and save what is left of their souls. It was late in coming because the suspects usually plan ahead.
Now, the Economic and Financial Crimes Commission (EFCC) has in Port Harcourt arraigned a director for alleged N13.8bn fraud.
The EFCC arraigned the director of Glossalalia Nigeria Ltd and Pelenged Nigeria Ltd, Precious Williams before Justice S. I . Mark of the Federal High Court, sitting in Port Harcourt, the Rivers State capital.
Williams is being prosecuted on a 14-count charge, bordering on conspiracy, advance fee fraud, obtaining money under false pretence and money laundering to the tune of N13.8 billion.
One of the charges reads: “That you, Precious Williams of Glossolalia Nigeria Limited; Pelegend Nigeria Limited, Phenom 413 Events Limited (company representative at large) and Doxasterz Oil and Gas Limited, sometime between the 24th day of August, 2019 and 15th day of February, 2020, at Port Harcourt, within the jurisdiction of this Honourable Court, directly took possession of the sum of Ten Billion Naira (N10bn) only from Maxwell Chizi Odum (still at large) and MBA Trading and Capital Investment Limited (at large) through your Sterling Bank PLC Account No. 0064260799, when you reasonably ought to have known that the said funds formed part of the proceeds of the unlawful activities, of Maxwell Chizi Odum (still at large) and MBA Trading and Capital Investment Limited (at large) of obtaining money under false pretence from one Christian I. Agadag Agadaga and over three thousand (3000) other unsuspecting members of the Nigerian public, under the pretext that it was for investment purposes that will yield for them 10% to 15% interest. There were other charges that ran contrary to Section 15 (2)(b) of the Money Laundering (Prohibition) Act, 2011 (as amended) and punishable under Section 15(3) of the same Act.”
She pleaded “not guilty” to all the charges, prompting the prosecution counsel E. K. Bakam to ask for a trial date and to apply for the remand of the defendant in a correctional center, while counsel to the defendant, Tochukwu Maduka, SAN, informed the court of the defendant’s bail application and prayed the court to grant her bail to enable her to prepare for her trial.
In his ruling, the judge held that the defendant be remanded in the Port Harcourt Correctional Center and adjourned the matter till June 17, 2025 for the hearing of the bail application.
The defendant was arrested when petitioners alleged that she received money from over 3000 victims by false pretence and laundering the money for personal use sometime in April 2021.
The petitioners alleged that sometime in 2019 and 2020, the defendant alongside MBA Trading and Capital.
Businessday.ng
News
FULL LIST: Major Shake Up In Nigeria Police As IGP Deploys Commissioners Of Police
The Inspector-General of Police, IGP Olatunji Rilwan Disu, has approved the deployment of Commissioners of Police to State Commands and strategic formations across the country.
The deployment follows the approval of his recommendations by the Police Service Commission (PSC).
According to a statement on Thursday by the Force Public Relations Officer, CSP Ani Iniedu, the deployment is aimed at strengthening operational effectiveness, enhancing leadership across Commands and formations, and consolidating the ongoing reform and repositioning of the Nigeria Police Force.

Naija News reports that the Inspector-General of Police charged the affected senior officers to bring their wealth of experience to bear in their new assignments by strengthening intelligence-led policing, enhancing operational effectiveness, promoting professionalism, and deepening community engagement in line with the vision of the Force.
He also urged them to remain steadfast in safeguarding lives and property while upholding the highest standards of discipline, accountability, and service delivery.
“The Nigeria Police Force remains committed to strategic personnel deployments as a key component of its ongoing reforms aimed at enhancing operational efficiency, strengthening internal capacity, and delivering more effective policing services to all Nigerians,” the statement concluded.
News
Shettima Steps Aside from Official Duties After Three Years
Vice-President Kashim Shettima on Thursday commenced a two-week leave — his first since assuming office over three years ago.
According to a statement issued by the media aide to the vice-president, Stanley Nkwocha, during the leave, the vice-president will devote time to study, reflect and do intellectual renewal as part of efforts to strengthen his capacity for continued service to the nation.
The leave offers Shettima an opportunity to review the administration’s ongoing programmes, deepen his understanding of emerging national and global policy issues, and prepare for the responsibilities ahead as the Federal Government intensifies the implementation of the Renewed Hope Agenda.
Since assuming office on May 29, 2023, the vice-president, the release stated, has remained actively engaged in the coordination and supervision of several strategic government initiatives, particularly in economic development, food security, humanitarian affairs, digital transformation, job creation and regional cooperation.
He has consistently chaired the monthly National Economic Council (NEC) meeting, which brings together the governors of the 36 states, the Governor of the Central Bank of Nigeria and other relevant public officials to deliberate on policies affecting the economy and the welfare of Nigerians.
Beyond his responsibilities within the country, Shettima has represented President Bola Tinubu at major international and regional engagements, advancing Nigeria’s position on economic integration, peace and security, climate action, investment and sustainable development. ExecutiveBranch
He remains deeply committed to the ideals of loyalty, duty and service that have defined his role in the administration, as well as to supporting President Tinubu’s efforts to build a more secure, productive and prosperous Nigeria.
The vice-president will return to office at the end of the two-week leave period and resume his official responsibilities with renewed energy and dedication to the service of the nation.
News
Friday, August 7, Declared Public Holiday, Government Announces Reason
Rwanda has declared Friday, August 7, 2026, a public holiday to mark Umuganura Day, a national harvest festival with roots stretching back to pre-colonial times.
Legit.ng reports that the announcement came from the Ministry of Public Service and Labour on Tuesday, August 4, 2026, and applies to workers across all sectors, both public and private.
The ministry said in its official statement:
“The Ministry of Public Service and Labour informs all employers and employees in both public and private sectors that Friday, August 7, 2026, will be a public holiday in celebration of Umuganura Day.”
What is Umuganura Day?
Umuganura is one of Rwanda’s most significant cultural observances. The festival gives thanks to God and ancestors for the bounty of the land and marks the collective effort of communities in cultivating it. Despite being called a harvest festival, it is observed before the harvest begins, a tradition rooted in the practice of elders tasting the fruits of the new season before any family member is permitted to do so.
The celebration starts within individual families and then expands into wider community gatherings where traditional foods, crafts, and performances are shared. Rwandan restaurants and cultural centres, both at home and abroad, typically mark the occasion with special offerings tied to the country’s culinary heritage.
Agriculture sits at the heart of why the day carries such weight. About 80% of Rwanda’s labour force is engaged in farming activities, which contribute roughly 40% of the country’s Gross Domestic Product. Tea and coffee are the country’s most important cash crops, making up around 80% of its agricultural exports.
History of Umuganura festival
Umuganura has survived considerable upheaval. Germany colonised Rwanda in 1899 as part of German East Africa, and Belgium took control in 1916 during World War I. The prolonged period of colonial rule disrupted the festival, and it went uncelebrated for many years. Rwanda gained independence in July 1962, and the country gradually rebuilt its national identity in the decades that followed.
Despite its ancient origins, Umuganura was only formally recognised as a public holiday in 2011. Beyond its cultural significance, the day also serves as an occasion to reflect on the country’s yearly achievements across the sectors that drive national development.
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