The Economic and Financial Crimes Commission (EFCC) has arrested the Chief Executive Officer of Garvice Logistics Limited, Mr. Ahamba Tochukwu, for allegedly defrauding investors of over N2 billion. The investment scheme, which promised a 50% return on investment, attracted numerous subscribers in Abia State, including youths and students.

The investors had put in huge amounts of money into the logistics investment schemes, which included haulage, courier, and e-commerce services. However, Tochukwu allegedly disappeared with the funds, prompting the EFCC to intervene. The commission announced his arrest on Wednesday, sparking relief among the affected investors.

Some of the investors, such as Mhiz Favy, Samy Tech, Ndubuisi Agbakoma Tobias, and Harrison Limo, have appealed to the EFCC to recover their trapped funds from Tochukwu. “His arrest is okay, but what I need now is my hard-earned cash,” said Tobias, echoing the sentiments of many others who lost money in the scheme.

Despite repeated warnings from the Central Bank of Nigeria and other financial authorities, many Nigerians continue to invest in private business offers, often resulting in significant financial losses. The case of Garvice Logistics Limited serves as a reminder of the risks associated with such investments.

The EFCC’s arrest of Tochukwu is seen as a positive step towards addressing the issue, but the investors’ primary concern remains the recovery of their funds. The commission’s efforts to recover the trapped money will be closely watched by the affected investors and the broader public.

The incident highlights the need for increased awareness and caution when investing in private schemes, particularly those that promise unusually high returns. As the EFCC continues to investigate the matter, the affected investors eagerly await the recovery of their funds and a sense of closure.