By Erewunmi Peace

The Economic and Financial Crimes Commission (EFCC) has arrested Ahamba Tochukwu, Chief Executive Officer of Gavice Logistics Limited, over his alleged involvement in a ₦2 billion Ponzi scheme that defrauded more than 400 investors across Nigeria.

According to the EFCC, Tochukwu lured unsuspecting victims with promises of up to 50 percent returns on investments, channeled through his logistics company. However, the scheme collapsed after he reportedly disappeared in November 2024, leaving investors stranded and sparking outrage.

“Investigations revealed that the suspect collected over ₦2 billion from investors under false pretenses and diverted the funds for personal use,” the EFCC said in an official statement.

The arrest, which took place after months of manhunt, has been hailed as a major breakthrough in the fight against financial crimes. Many of the affected investors had petitioned the EFCC, urging the recovery of their trapped funds.

The EFCC also used the opportunity to warn Nigerians against falling prey to get-rich-quick schemes, stressing that genuine investments cannot guarantee unrealistic profit margins.

Meanwhile, the Commission has assured victims that efforts are ongoing to trace and recover the funds.

Background

Ponzi schemes have continued to plague Nigerians, exploiting the desire for quick financial returns. Financial experts advise that citizens verify investment opportunities with regulatory bodies before committing funds.