NewsOnline Nigeria reports that the Economic and Financial Crimes Commission (EFCC) has arrested Mr. Ahamba Tochukwu, Chief Executive Officer of Gavice Logistics Limited, for allegedly defrauding hundreds of investors through a Ponzi-style logistics investment scheme valued at about N2 billion.
According to a statement by the EFCC, Tochukwu promoted Gavice Logistics as a diversified business in haulage, courier, and e-commerce, luring investors with promises of up to 50% returns on investment (ROI).
Investigations revealed that the suspect collected over N2 billion from about 400 investors. Since November 2024, however, investors have been unable to recover their capital or returns after Tochukwu allegedly absconded with the funds.
“More than N2 billion was collected from unsuspecting investors, many of whom lost both their capital and expected ROI after the CEO disappeared with their funds,” the EFCC said.
After months of a manhunt, EFCC operatives tracked down and arrested Tochukwu, who is currently being interrogated.
The Commission cautioned Nigerians against patronising unverified investment platforms, especially those promising unusually high returns.
“With this arrest, we urge the public to desist from engaging in pyramid schemes and fraudulent promoters to avoid being defrauded,” the EFCC stated.
Ponzi schemes remain widespread in Nigeria, often disguised as investments in agriculture, real estate, logistics, or digital trading. These schemes typically collapse when operators vanish with investors’ funds or can no longer sustain payouts.
In March 2025, the EFCC released a list of 58 suspected Ponzi operators, warning that many were neither registered with the Central Bank of Nigeria (CBN) nor the Securities and Exchange Commission (SEC). Several operators have since been convicted, while others face ongoing prosecution.
That same month, the EFCC arraigned Precious Williams, director at Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, for her alleged involvement in a N13.8 billion Ponzi scheme tied to Maxwell Chizi Odum, founder of MBA Trading and Capital Investment Ltd.
Separately, EFCC operatives in Abuja dismantled a fraudulent “academy” known as Q University or Q-Net, which recruited victims through psychological tactics and deceptive promises of wealth creation.
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