Abuja, Nigeria – September 4, 2025 The Economic and Financial Crimes Commission (EFCC) has arrested Ahamba Tochukwu, Chief Executive Officer of Gavice Logistics Limited, over allegations of defrauding more than 400 investors of over ₦2 billion in a suspected Ponzi scheme. In a statement issued in Abuja on Wednesday, EFCC’s Head of Media and Publicity,
The Economic and Financial Crimes Commission (EFCC) has called on Nigerians who suffered financial losses through the now-defunct CryptoBridge Exchange (CBEX) to visit its offices in Lagos and Ibadan to assist in ongoing investigations aimed at securing justice and recovering funds. This appeal was contained in an official statement issued by the Commission’s Head of
The Securities and Exchange Commission (SEC) has revealed that it is currently investigating 79 suspected Ponzi schemes operating illegally across Nigeria, as part of its intensified crackdown on fraudulent investment operations. This disclosure was made over the weekend by the Director-General of the Commission, Lamido Yuguda, during a media briefing in Abuja. Yuguda expressed deep
Port Harcourt, Rivers State – June 16, 2025 — The Economic and Financial Crimes Commission (EFCC) has arraigned the director of an alleged fraudulent investment company, CityPay Investment Ltd, over a ₦13.8 billion Ponzi scheme said to have defrauded hundreds of unsuspecting Nigerians. The accused, identified as Mr. John Okafor (real name withheld), was brought
Lagos, June 10, 2025 – In a development raising fresh concerns over online financial fraud, the notorious CBEX Ponzi scheme has reportedly resumed operations, luring previous victims and new participants with promises of fund recovery, at a fee. Multiple reports circulating on social media and online forums indicate that operators of CBEX, which collapsed months
