The Economic and Financial Crimes Commission (EFCC) has arrested five suspects for possessing counterfeit foreign notes worth $3.43 million and €280,000. The individuals also face allegations of defrauding a victim of N26.55 million.
Okay News reports that operatives from the Ibadan Zonal Directorate conducted the arrests. Intelligence-led raids targeted locations described as shrines in Osun and Lagos States.
The suspects, identified as herbalists, include Akingbola Omotayo, Adeola Funsho Ogunrinde, and Yahaya Amodu. Others are Kubratu Babalola Olaitan and Familola Sunday Olaitan.
Arrests occurred on December 7 and 8, 2025. Suspects allegedly posed as spiritual healers to swindle victims.
They claimed the fake notes required cleansing rituals before use. The group targeted individuals seeking solutions to ailments or financial issues.
“Operatives of the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, have uncovered huge counterfeit foreign notes to the tune of $3,430,000 and €280,000 in possession of a five-member syndicate arrested for allegedly swindling one Halima Sanni the sum of N26,550,000,” the EFCC stated.
Authorities recovered two exotic vehicles and multiple mobile phones. Items serve as evidence in the ongoing probe.
The suspects promised spiritual cleansing of legitimate earnings. Victims handed over funds under false pretenses.
EFCC investigations continue to build the case. The agency plans to prosecute once inquiries conclude.
This operation highlights efforts to combat fraud and counterfeit schemes targeting vulnerable citizens.
The arrests reinforce Nigeria’s anti-graft measures and protect the public from financial exploitation through deceptive practices.
 has arrested five suspects for possessing counterfeit foreign notes worth $3.43 million and €280,000. The individuals also face allegations of defrauding a victim of N26.55 million.){kind=link}