Economic and Financial Crimes Commission (EFCC), at the weekend received Bamu Gift Wandji, a suspected operator of Polyfarm, a fake crypto-currency investment platform.

The suspect, Bamu Gift Wandji, was arrested by the Nigerian Security and Civil Defence Corps (NSCDC) in Gwagwalada Area Council of Abuja on January 12, 2026, for running a fraudulent investment scheme and was handed to the Commission for investigation.

Investigation by the EFCC revealed that the suspect created a fraudulent crypto investment platform called Polyfarm, where he allegedly lured innocent Nigerians to invest in Polygon, a crypto token that attracts high returns.

Investigation further revealed that he also deceived the public that his project, Polyfarm, has its native token called “polyfarm coin” which he sold to the public.

In his bid to promote the fraudulent scheme, the suspect had promoted the scheme on social media platforms, including WhatsApp, X (formally Twitter) and Telegram. He also conducted seminars in some major cities in Nigeria, including Kaduna, Lagos, Port harcourt and Abuja, where he described the scheme as a life-changing scheme.

Further investigation revealed that in October, 2025, subscribers who could not access their funds were informed by the suspect that the site was attacked by Lazarus group, a notorious cyber attacking group linked to North Korea.

Further investigations showed that the platform Polyfarm is not registered and not licensed with the Security and Exchange Commission (SEC) to carry out crypto transactions in Nigeria. Also, no investment happened with subscribers’ funds and that the suspect used funds paid by subscribers to pay others in the name of profit.

Investigation also revealed that native coin, polyfarm coin, was never listed on coin market cap and that the suspect sold worthless coins to the general public.

Contrary to the claim of the suspect that his platform was attacked, EFCC’s investigations revealed that the platform was never attacked or hacked by anyone and that the suspect withdrew investors funds and utilised the same for his personal gains.

The EFFC said the suspect will be charged to court upon conclusion of investigations.

Flourish Africa, a women-focused empowerment initiative founded by Apostle Folorunsho Alakija, has rolled out N300m in grants for women entrepreneurs across the country, following a rigorous national training and business pitch process.

Apostle Folorunsho Alakija,

The grant announcement was made at Flourish Africa’s ninth annual conference in Lagos, held under the theme ‘She Champions’, which brought together entrepreneurs, regulators, development partners, and private-sector leaders.

The grants were awarded under the fourth cycle of the Flourish Africa Grants Programme, during which 506 women entrepreneurs underwent intensive business training.

Out of this number, 409 participants submitted business plans, 200 advanced to the pitch stage, and 100 businesses were eventually selected to receive N3m each after evaluation by an independent panel of judges.

According to Alakija, founder of Flourish Africa, the structure of the programme was deliberately designed to emphasise merit, preparedness, and accountability among beneficiaries.

“We designed this process to be rigorous because Nigerian women entrepreneurs are capable of building serious businesses. Out of 506 women trained, only 100 emerged for funding. That discipline matters because access to capital must be matched with capacity, structure, and accountability if businesses are to survive and scale,” Alakija was quoted as saying, according to a statement on Sunday.

The organisation maintained that Nigeria has one of the highest rates of female entrepreneurship globally, yet many women-owned businesses continue to face challenges in accessing formal finance and growth opportunities.

Flourish Africa’s intervention, it was said, seeks to bridge this gap by combining skills development with practical exposure to investment and governance standards.

The selected businesses cut across sectors such as manufacturing, agribusiness, food processing, fashion, beauty, and services.

Judges involved in the process reportedly observed improved presentation quality, clearer business models, and stronger market articulation among participants compared to previous cohorts, while also highlighting the need for deeper financial literacy.

Beyond funding, the programme places strong emphasis on business governance, record-keeping, and scalability, with the aim of preparing participants for engagement with lenders, investors, and institutional markets.

“Women are already driving Nigeria’s informal and small-business economy. What Flourish Africa is doing is formalising that strength by equipping women with skills, governance, and funding. When women succeed in business, they reinvest in their families and communities, creating a multiplier effect that drives inclusive economic growth,” Alakija added.

As economic pressures continue to weigh on small businesses nationwide, initiatives aimed at strengthening sustainable women-led enterprises are expected to play a growing role in job creation and local economic development. Under the scheme, each beneficiary is expected to get N3m each

Amaanah Finance, a non-interest finance bank, will on Monday officially commence operations, introducing a new ethical approach to investing, financing, and wealth creation in the country.

The institution, in a statement on Sunday, said it is built on the principles of transparency, partnership, and real economic impact.

According to the statement, the bank offers financial solutions designed for individuals and businesses seeking responsible ways to grow their wealth while earning competitive and transparent returns.

Guided by the philosophy of building prosperity with principles, the bank focuses on economic empowerment through Shari’ah-compliant financial products that support individuals, micro, small, and medium enterprises, startups, and large-scale projects across the country.

‎‎“Returns earned by investors are linked to real economic activity, while entrepreneurs access capital through partnership-based arrangements rather than conventional debt,” the statement read in part.

The bank said the model reflects an emphasis on economic inclusion over financial inclusion, with the aim of expanding access to productive capital and promoting shared growth.