Reported by: Ijeoma G | Edited by: Gabriel Osa
The Nigerian Security and Civil Defence Corps has handed over a suspected operator of a fraudulent cryptocurrency investment scheme to the Economic and Financial Crimes Commission for further investigation and prosecution.
The EFCC confirmed on Friday, January 30, 2026, that it received the suspect, Bamu Gift Wandji, who was arrested by the NSCDC in Gwagwalada on January 12, 2026, over his alleged involvement in a fake crypto-currency investment platform known as Polyfarm.
According to investigations by the Commission, Wandji allegedly created Polyfarm as a fraudulent crypto investment platform through which he lured unsuspecting Nigerians to invest in Polygon, a popular crypto token, by promising unusually high returns. Investigators said the suspect further claimed that Polyfarm had its own native digital asset called “Polyfarm Coin,” which he allegedly sold to members of the public.
EFCC findings revealed that the suspect actively promoted the scheme across multiple 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 presented the scheme as a life-changing investment opportunity capable of delivering guaranteed profits.
Further investigations showed that by October 2025, many subscribers began complaining that they could no longer access their invested funds. In response, the suspect allegedly informed investors that the Polyfarm platform had been attacked by the Lazarus Group, a notorious cybercrime syndicate reportedly linked to North Korea.
However, EFCC investigators established that Polyfarm was neither registered nor licensed by the Securities and Exchange Commission to conduct crypto-currency or investment operations in Nigeria. The Commission also discovered that no legitimate investment activities were carried out with subscribers’ funds. Instead, money paid in by new investors was allegedly used to pay earlier subscribers in the guise of profits, a structure consistent with a Ponzi-style scheme.
Investigations further revealed that Polyfarm Coin was never listed on CoinMarketCap or any recognized crypto exchange, rendering the digital asset effectively worthless. Contrary to the suspect’s claims of a cyberattack, the EFCC said forensic analysis showed that the platform was never hacked and that investor funds were allegedly withdrawn by the suspect and diverted for personal use.
The EFCC stated that the suspect will be charged to court upon the conclusion of ongoing investigations, as the Commission continues efforts to protect the public from fraudulent investment schemes and cyber-enabled financial crimes.
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