ABUJA – The Economic and Financial Crimes Commission (EFCC) has commenced a full-scale investigation into a massive cryptocurrency investment scam following the handover of a key suspect, Bamu Gift Wandji, by the Nigerian Security and Civil Defence Corps (NSCDC).
Wandji, the alleged mastermind behind the fraudulent digital asset platform “Polyfarm,” was intercepted by NSCDC officials in Gwagwalada on January 12, 2026. He is accused of orchestrating a sophisticated Ponzi scheme that swindled hundreds of Nigerians out of millions of naira under the guise of high-yield cryptocurrency trading.
The ‘Polyfarm’ Deception
Investigations by the EFCC reveal that Wandji lured unsuspecting investors by promising astronomical returns on Polygon (MATIC), a legitimate global crypto token. However, to deepen the scam, he allegedly introduced a fictitious native digital currency dubbed the “Polyfarm Coin.” The suspect reportedly marketed the project as a “life-changing program,” utilizing a blend of digital marketing and high-pressure physical seminars held across Nigeria’s major economic hubs, including:
- Lagos
- Abuja
- Port Harcourt
- Kaduna
The ‘Lazarus Group’ Cover-Up
The scheme began to crumble in October 2025 when subscribers found themselves locked out of their accounts. In a desperate bid to deflect blame, Wandji allegedly informed his investors that the platform had been compromised by the Lazarus Group—a notorious state-sponsored cyber-espionage collective linked to North Korea.
However, EFCC digital forensic experts have debunked this claim.
”Our investigations confirm that the platform was never the target of an external hack,” an EFCC source stated. “The suspect fabricated the North Korean link to mask his own systematic withdrawal of investor funds for personal luxury.”
Regulatory Red Flags
The EFCC further established that:
1.No License: Polyfarm was neither registered nor licensed by the Securities and Exchange Commission (SEC) to operate as a financial service provider or crypto exchange in Nigeria.
2.Worthless Tokens: The “Polyfarm Coin” was never listed on global tracking sites like CoinMarketCap, rendering it a “worthless” digital asset with no real-world value.
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3.Ponzi Structure: No actual trading or investment took place. Instead, Wandji used capital from new subscribers to pay “profits” to earlier investors—a classic hallmark of a Ponzi scheme.
Legal Action Imminent
The EFCC has warned the public to remain vigilant against “get-rich-quick” digital schemes that lack SEC backing. Bamu Gift Wandji remains in custody and is expected to be arraigned in court as soon as the Commission concludes its expanded investigation into the recovered assets.
