The Economic and Financial Crimes Commission (EFCC) has arrested Mr. Ahamba Tochukwu, Chief Executive Officer of Gavice Logistics Limited, over allegations of defrauding hundreds of investors through a Ponzi-style logistics investment scheme worth an estimated N2 billion.
According to the EFCC, Tochukwu promoted Gavice Logistics as a diversified business spanning haulage, courier, and e-commerce services.
“Operatives of the Economic and Financial Crimes Commission, EFCC, have arrested Ahamba Tochukwu, Chief Executive Officer, CEO, Gavice Logistics Limited, for allegedly defrauding several investors in his logistics investment schemes to the tune of N2,000,000,000( Two billion Naira only),” the statement read.
He reportedly enticed investors with elaborate packages that promised as much as 50% returns on investment (ROI).
Investigations revealed that Tochukwu collected over N2 billion from about 400 investors. However, since November 2024, the investors were unable to recover their capital or promised returns after the CEO allegedly absconded with the funds.
“He raked in more than N2billion from 400 investors who could no longer access their capital and ROI owing to the fact that Tochukwu, since November 2024, disappeared into thin air with his investors’ funds.”
The anti-graft agency confirmed that its operatives tracked down and apprehended Tochukwu after months of a manhunt. He is currently being interrogated over the alleged fraudulent scheme.
Following the arrest, the EFCC issued a cautionary note to Nigerians, urging them to avoid patronising fraudulent investment platforms that offer unrealistic returns.
“With his arrest, members of the public are enjoined to desist from patronising unverified pyramid schemes and fraudulent investment promoters to avoid being defrauded,” they stated
Ponzi schemes remain a growing concern in Nigeria, often disguised as legitimate investments in real estate, agriculture, logistics, or digital trading. These schemes typically promise unusually high returns but collapse once operators disappear with investors’ funds or are unable to sustain payouts.
In March 2025, the EFCC publicly warned Nigerians about 58 suspected Ponzi operators. These entities were neither registered with the CBN nor the SEC, and the Commission noted that some have already been convicted, while others are facing court proceedings or awaiting arraignment.
EFCC’s Port Harcourt arm arraigned Precious Williams, a director at Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, over a staggering N13.8 billion Ponzi scheme fraud.
According to the EFCC, Williams allegedly received funds traced to Maxwell Chizi Odum, the founder of MBA Trading and Capital Investment Ltd, who remains at large, along with proceeds from over 3,000 unsuspecting investors promised monthly returns of 10 to 15 per cent.
Earlier, in March, the commission reported the arrest of 133 suspects allegedly involved in a Ponzi scheme academy in Abuja known as “Q University” or “Q-Net”. EFCC uncovered that this academy operated by recruiting participants into a training titled “Special Training for New Generation Billionaire,” where recruits were brainwashed with slogans like “I’m a Champion,” “I’m Unstoppable,” and “I’m Infinity.” They were instructed to bring in new victims through these psychologically driven methods.