Operatives of the Economic and Financial Crimes Commission (EFCC) have made a significant breakthrough, arresting a five-member syndicate of herbalists in possession of a massive haul of counterfeit foreign currency.
Massive Counterfeit Haul Uncovered
The Ibadan Zonal Directorate of the EFCC uncovered the fake notes during operations on December 7 and 8, 2025. The counterfeit currency seized totals an astonishing $3,430,000 (Three Million, Four Hundred and Thirty Thousand US Dollars) and €280,000 (Two Hundred and Eighty Thousand Euros).
The suspects were apprehended at their shrines in Osun and Lagos States following extensive surveillance and intelligence gathering on their alleged fraudulent activities.
The Suspects and Their Modus Operandi
The arrested individuals have been identified as Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan (female), and Familola Sunday Olaitan.
According to the EFCC, the group specialized in defrauding unsuspecting individuals by pretending to offer spiritual cleansing and solutions to various ailments. Their elaborate scheme involved convincing victims of their ability to conjure large sums of money through spiritual means.
Investigation reveals they allegedly assured their targets that the 'conjured' currency notes needed to be cleansed by a genie through spiritual sacrifices before being spent. They reportedly used hypnotic techniques to persuade victims to provide real money to fund these fake sacrifices.
One of their known victims is Halima Sanni, who was allegedly swindled out of N26,550,000 (Twenty-Six Million, Five Hundred and Fifty Thousand Naira).
Recovered Items and Next Steps
In addition to the counterfeit foreign notes, EFCC operatives recovered two exotic cars and several mobile phones from the suspects.
The anti-graft agency has stated that the suspects will be charged to court as soon as investigations are concluded. This case highlights the evolving nature of financial crimes and the exploitation of spiritual beliefs for fraudulent gain.
The EFCC continues to warn the public to be vigilant against such schemes that promise miraculous financial solutions through unorthodox means.
