EFCC Arrests CEO of Gavice Logistics Over Alleged ?2bn Ponzi Scheme

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 estimated at ?2 billion.

According to an EFCC statement on Wednesday, Tochukwu promoted Gavice Logistics as a diversified company with interests in haulage, courier, and e-commerce services, luring unsuspecting Nigerians with mouthwatering investment offers.

“Operatives of the EFCC have arrested Ahamba Tochukwu, CEO of Gavice Logistics Limited, for allegedly defrauding several investors in his logistics investment schemes to the tune of ?2,000,000,000,” the Commission said.

Scale of the Fraud

Investigations revealed that Tochukwu promised investors returns of up to 50%, attracting over 400 people who committed funds into the scheme. However, since November 2024, investors were unable to recover their capital or returns after Tochukwu allegedly disappeared with their funds.

“He raked in more than ?2 billion 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,” EFCC confirmed.

After months of a manhunt, operatives tracked and apprehended him. He is currently being interrogated at EFCC custody.

EFCC’s Warning to Nigerians

The anti-graft agency used the arrest to caution the public against falling victim to fraudulent investment platforms promising 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,” EFCC stated.

Wider Crackdown on Ponzi Schemes

Ponzi-style scams remain a growing concern in Nigeria, often disguised as investments in logistics, agriculture, real estate, or digital trading.

• In March 2025, EFCC warned Nigerians about 58 suspected Ponzi operators, none registered with the CBN or SEC. Some of these operators have been convicted, while others face trial.
• EFCC’s Port Harcourt office also arraigned Precious Williams, a director at Glossolalia Nigeria Ltd and Pelegend Nigeria Ltd, over a ?13.8 billion Ponzi fraud linked to fugitive Maxwell Chizi Odum of MBA Trading and Capital Investment Ltd.
• Earlier in March, the Commission arrested 133 suspects involved in a Ponzi “academy” in Abuja called Q University (Q-Net), which lured recruits with slogans like “I’m a Champion” and “I’m Unstoppable,” before compelling them to bring in new victims.

What You Should Know

The National Health Insurance Authority Act 2022 and other regulatory frameworks require financial operators to be properly registered and licensed, yet Ponzi operators continue to exploit regulatory loopholes. EFCC urged Nigerians to always verify investment platforms with the CBN and SEC before committing funds.