The Economic and Financial Crimes Commission (EFCC) has arrested Ahamba Tochukwu, the Chief Executive Officer of Gavice Logistics Limited, over allegations that he masterminded a massive Ponzi-style investment fraud said to have cost hundreds of Nigerians more than ₦2 billion.
According to investigators, Tochukwu lured unsuspecting investors with glossy proposals promising returns as high as 50 per cent on haulage, courier, and e-commerce ventures. The scheme reportedly attracted at least 400 people, many of whom ploughed in life savings and cooperative funds in the hope of quick rewards.
But by November 2024, the promises had unravelled. Payments dried up, offices were locked, and Tochukwu himself vanished, leaving frantic investors unable to recover either their capital or the mouth-watering profits they had been guaranteed. The EFCC confirmed he was tracked down and arrested after months on the run and is now being interrogated over the alleged scam.
The agency has once again cautioned Nigerians to be wary of “too-good-to-be-true” investment opportunities, particularly schemes lacking regulatory oversight or proven track records. A spokesperson noted that Ponzi operators prey on economic hardship, exploiting trust and desperation to strip people of their money.
For victims, many of whom borrowed or sold assets to join the scheme, the arrest offers a glimmer of justice—though the road to recovering their lost billions may be far longer and harder.
