RismadarVoice Reporters
January 30, 2026
The Nigerian Security and Civil Defence Corps (NSCDC) has handed over a suspected operator of a fake cryptocurrency investment platform, Polyfarm, to the Economic and Financial Crimes Commission (EFCC) for investigation.
The EFCC disclosed on Friday that the suspect, Bamu Gift Wandji, was arrested by the NSCDC in Gwagwalada, Abuja, on January 12, 2026, over his alleged involvement in a fraudulent investment scheme and was subsequently transferred to the Commission on January 30.
According to EFCC investigations, Wandji allegedly created and operated a fraudulent crypto currency investment platform known as Polyfarm, through which he lured unsuspecting Nigerians to invest in Polygon, a crypto token he claimed would yield unusually high returns.
Investigators further revealed that the suspect falsely claimed that Polyfarm had a native digital asset known as “Polyfarm Coin,” which he allegedly sold to members of the public despite the coin having no real value or legitimacy.
To promote the scheme, the suspect allegedly deployed aggressive marketing strategies across social media platforms including WhatsApp, X (formerly Twitter), and Telegram. He also reportedly organized seminars in major cities such as Kaduna, Lagos, Port Harcourt, and Abuja, where he described the scheme as a “life-changing” investment opportunity.
The EFCC stated that in October 2025, subscribers who attempted to withdraw their funds were informed by the suspect that the Polyfarm platform had been attacked by the Lazarus Group, a notorious cybercrime syndicate linked to North Korea.
However, further investigations revealed that the Polyfarm platform was neither hacked nor attacked. Instead, EFCC findings showed that the suspect allegedly withdrew investors’ funds, diverted them for personal use.
The Commission also disclosed that Polyfarm was not registered or licensed by the Securities and Exchange Commission (SEC) to operate as a crypto investment platform in Nigeria. Investigators further established that no genuine investment was made with subscribers’ funds and that the scheme operated on a pattern where funds from new subscribers were used to pay earlier investors.
Additionally, EFCC investigations showed that the so-called Polyfarm Coin was never listed on CoinMarketCap or any recognized digital asset exchange, confirming that the suspect allegedly sold worthless digital tokens to the public.
The EFCC stated that the suspect will be charged to court upon the conclusion of investigations.
