The Economic and Financial Crimes Commission (EFCC) has confirmed the arrest of Mr. Ahamba Tochukwu, Chief Executive Officer of Gavice Logistics Limited, for allegedly masterminding a Ponzi scheme that defrauded investors of more than ₦2 billion.
According to EFCC investigators, Tochukwu lured over 400 Nigerians into investing in what was presented as a haulage, courier, and e-commerce business. Investors were promised returns of up to 50 percent within short cycles. However, by November 2024, the scheme had reportedly collapsed, leaving many unable to recover their capital or accrued profits.
After months on the run, the suspect was tracked down and taken into custody. He is currently being interrogated at the commission’s office.
The EFCC explained that Gavice Logistics operated under the guise of a legitimate investment vehicle, but in reality functioned as a Ponzi scheme, recycling funds from new investors to pay earlier ones. The commission cautioned members of the public to be wary of ventures that advertise unusually high returns with little or no operational proof.
Some victims of the scheme, particularly in Umuahia, welcomed the arrest but appealed to the anti-graft agency to prioritize the recovery of their trapped funds. “His arrest is a relief, but what matters most is retrieving our hard-earned money,” one investor said.
The case adds to a growing list of Ponzi-style frauds uncovered across the country in recent years, despite repeated warnings from financial regulators. The EFCC said it will pursue both prosecution and asset recovery to ensure justice for affected investors.
