The Economic and Financial Crimes Commission (EFCC) has announced the arrest of a suspect behind the fraudulent ‘Polyfarm’ cryptocurrency scheme that falsely claimed affiliation with the Polygon blockchain. Nigeria’s anti-graft agency stated the suspect, Bamu Gift Wandji, allegedly operated a Ponzi-style platform that deceived investors with promises of unrealistic returns.
Okay News reports that investigations revealed the scheme was promoted on social media and through seminars in cities including Lagos and Abuja. The suspect allegedly sold a native ‘Polyfarm coin’ while presenting the operation as a legitimate and life-changing investment opportunity.
When investors lost access to funds in October 2025, the suspect claimed the platform was hacked by the notorious Lazarus Group. The EFCC found no evidence of a hack and alleged the suspect personally withdrew and diverted investor money for personal use.
The commission confirmed Polyfarm was not registered with the Securities and Exchange Commission (SEC) and its token was not listed on any recognized tracking platform. The arrest aligns with a national crackdown that includes a new joint task force between the SEC and the Nigeria Police Force to combat investment fraud.
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