The Economic and Financial Crimes Commission (EFCC) on Friday, 30 January 2026, received a report alleging that a suspected operator of a fake cryptocurrency investment platform, Polyfarm, was operating in Nigeria.
The suspect, Bamu Gift Wandji, was arrested by the Nigerian Security and Civil Defence Corps, NSCDC, in Gwagwalada on January 12, 2026, for running a fraudulent investment scheme and was handed over to the Commission for investigation.
An EFCC investigation revealed that the suspect created a fraudulent crypto investment platform called Polyfarm, where he allegedly lured innocent Nigerians to invest in Polygon, a crypto token known for high returns.
Investigation further revealed that he also deceived the public that his project, Polyfarm, has its native token called “polyfarm coin,” which he sold to the public.
In his bid to promote the fraudulent scheme, the suspect had promoted the scheme on social media platforms including WhatsApp, X (formerly Twitter), and Telegram.
He also conducted seminars in some major cities in Nigeria, including Kaduna, Lagos, Port harcourt and Abuja, where he described the scheme as a life -changing program.
Further investigation revealed that in October 2025, subscribers who could not access their funds were informed by the suspect that the site was attacked by the Lazarus group, a notorious cyber-attacking group linked to North Korea.
Further investigations showed that the platform Polyfarm is not registered and not licenced with the Security and Exchange Commission, SEC, to carry out crypto transactions in Nigeria.
Also, no investment happened with subscribers’ funds, and the suspect used funds paid by subscribers to pay others in the name of profit.
Investigation also revealed that the native coin, polyfarm coin, was never listed on CoinMarketCap and that the suspect sold worthless coins to the general public.
Contrary to the suspect’s claim of the suspect that his platform was attacked, EFCC’s investigations revealed that the platform was never attacked or hacked by anyone and that the suspect withdrew investors’ funds and utilized the same for his personal gains.
He will be charged to court upon the conclusion of investigations.
