EFCC Uncovers $3.43m, €280,000 in Counterfeit Notes, Arrests Five Herbalists Over ₦26.5m Fraud
Operatives of the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have uncovered a large cache of counterfeit foreign currencies amounting to $3.43 million and €280,000 from a five-member syndicate accused of defrauding a victim of ₦26.55 million.
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The suspects, identified as Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan (female), and Familola Sunday Olaitan, were arrested on December 7 and 8, 2025, at their shrines located in Osun and Lagos States. Their arrest followed weeks of surveillance and intelligence gathering by EFCC operatives on their alleged fraudulent activities.
Investigations revealed that the suspects, who posed as herbalists, allegedly swindled one Halima Sanni by claiming they could provide spiritual cleansing and solutions to various ailments. They reportedly convinced victims that they possessed supernatural powers to conjure large sums of money, which they claimed needed to be spiritually “cleansed” by a genie through sacrifices before being spent.
According to the EFCC, victims were hypnotized and persuaded to part with substantial sums of money to fund the so-called sacrifices, only to be handed counterfeit currency notes.
In addition to the fake foreign currencies, EFCC operatives recovered two exotic cars and several mobile phones from the suspects.
The Commission stated that the suspects will be charged to court as soon as investigations are concluded, reiterating its commitment to combating financial crimes and protecting Nigerians from fraudulent schemes disguised as spiritual or traditional practices.
EFCC Uncovers $3.43m, €280,000 in Counterfeit Notes, Arrests Five Herbalists Over ₦26.5m Fraud