By Dipo Olowookere
A cryptocurrency investor and proprietor of Polyfarm, Mr Bamu Gift Wandji, is at the moment cooling off in the custody of the Financial and Monetary Crimes Fee (EFCC).
He was handed over to the anti-money laundering company by the Nigerian Safety and Civil Defence Corps (NSCDC) on Friday, January 30, 2026, after his arrest on Monday, January 12, 2026.
An announcement from the EFCC yesterday disclosed that the suspect was apprehended by the NSCDC in Gwagwalada, Abuja for working an funding scheme with out the authorisation of the Securities and Alternate Fee (SEC), which is the apex capital market regulator in Nigeria.
It was claimed that Mr Wandji created a fraudulent crypto funding platform known as Polyfarm, the place he allegedly lured harmless Nigerians to speculate in Polygon, a crypto token that pulls excessive returns.
Investigation additional revealed that he additionally deceived the general public that his venture, Polyfarm, has its native token known as “polyfarm coin” which he offered to the general public.
In his bid to advertise the scheme, the suspect posted about this on social media platforms, together with WhatsApp, X (formally Twitter) and Telegram. He additionally performed seminars in some main cities in Nigeria together with Kaduna, Lagos, Port Harcourt and Abuja the place he described the scheme as a life-changing programme.
Additional investigation revealed that in October, 2025, subscribers who couldn’t entry their funds had been knowledgeable by the suspect that the location was attacked by Lazarus group, a cyber attacking group linked to North Korea.
Additional investigations confirmed that Polyfarm is just not registered and never licensed with SEC to hold out crypto transactions in Nigeria. Additionally, no funding occurred with subscribers’ funds and that the suspect used funds paid by subscribers to pay others in the identify of revenue.
Investigation additionally revealed that native coin, polyfarm coin was by no means listed on coin market cap and that the suspect offered nugatory cash to most of the people.
Opposite to the declare of the suspect that his platform was attacked, EFCC’s investigations revealed that the platform was by no means attacked or hacked by anybody and that the suspect withdrew buyers’ funds and utilized the identical for his private good points.
The EFCC, in the assertion, disclosed that Mr Wandji could be charged to courtroom upon conclusion of investigations.
