The Economic and Financial Crimes Commission (EFCC) has arrested Ahamba Tochukwu, Chief Executive Officer of Gavice Logistics Limited, over allegations of operating a ₦2 billion investment fraud scheme disguised as a logistics and e-commerce business.
According to investigators, Tochukwu lured more than 400 Nigerians into committing their life savings, loans, and business capital with the promise of a 50% return on investment within weeks. The scheme reportedly collapsed in late 2024, leaving investors stranded.
EFCC disclosed that Tochukwu allegedly diverted investors’ funds for personal use before going into hiding. He was tracked and apprehended in a covert operation and is now in custody at the commission’s headquarters. Authorities say he will be charged to court once investigations are completed.
The anti-graft agency used the arrest to warn Nigerians against falling victim to unregistered and unregulated financial schemes. Ponzi operators, it said, often advertise through social media and exploit sectors like logistics, agriculture, and cryptocurrency to appear legitimate.
Financial experts caution the public to always verify company registrations with the Corporate Affairs Commission (CAC) and Securities and Exchange Commission (SEC), while avoiding investments that promise unrealistic and guaranteed returns.
Key takeaway: The Gavice Logistics case underlines the growing threat of Ponzi schemes in Nigeria and the urgent need for vigilance, financial literacy, and stronger regulatory oversight.