Nigerian Authorities Crack Down on Fake Crypto Platform, Polyfarm
The Nigerian Security and Civil Defence Corps has handed over a suspected fraudulent crypto operator to the Economic and Financial Crimes Commission for further investigations and prosecution.
The EFCC confirmed that it received the suspect, Bamu Gift Wandji, on Friday, the 30th of January. He was arrested by the NSCDC in Gwagwalada on January 12, 2026, over his alleged involvement in a fake crypto investment platform known as Polyfarm.
According to investigations that was carried out by the EFCC, Wandji allegedly created the Polyfarm platform to deceive Nigerians into investing in Polygon, a cryptocurrency he claimed would generate unusually high returns.
The EFCC also stated that the suspect claimed that Polyfarm had its own native digital asset called “Polyfarm Coin,” which he sold to unsuspecting members of the public.
Investigators revealed that the suspect promoted the fake crypto investment scheme across different social media platforms, including WhatsApp, X (formerly Twitter), and Telegram.
He also reportedly organized physical seminars to build influence in major cities like Lagos, Abuja, Kaduna, and Port Harcourt, where he presented the investment scheme as a ‘life-changing opportunity’.
Also Read: Nigerian EFCC Exposes Banking Failures Behind N162bn Crypto Fraud
The Crypto Platform False Claims and Regulatory Violations
All went well until October 2025, when subscribers were unable to withdraw the money they had invested into the platform.
The operator told them that the Polyfarm platform had been attacked by the Lazarus Group, a cybercrime syndicate allegedly linked to North Korea. However, EFCC investigations found no evidence that the platform was ever hacked or attacked.
The Commission also disclosed that Polyfarm was neither registered nor licensed by the Securities and Exchange Commission to operate or offer any kind of crypto-related investment services in Nigeria.
The investigations also revealed that there were no real investments made, as it is suspected that the money from new subscribers were used to pay earlier participants, a pattern consistent with a Ponzi-style scheme.
So far, the EFCC has revealed that the so-called Polyfarm Coin was never listed on CoinMarketCap or any other recognized crypto platform. Contrary to the suspect’s claims, investigators said the funds were allegedly withdrawn by him and used for personal purposes. The EFCC stated that the suspect will be charged to court upon the conclusion of ongoing investigations.
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