The Economic and Financial Crimes Commission (EFCC) has arrested five suspects over the alleged possession of $3.43 million and €280,000 in counterfeit foreign currency in Osun and Lagos States.
The arrests were carried out by operatives of the EFCC’s Ibadan Zonal Directorate during intelligence-led operations at locations described as shrines, the commission disclosed in a statement posted on its official X handle on Wednesday.
The suspects are also being investigated for their alleged involvement in the defrauding of a victim, Halima Sanni, of N26.55 million.
According to the EFCC, the arrests followed weeks of surveillance and actionable intelligence on the suspects’ activities. Those arrested were identified as Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan, and Familola Sunday Olaitan, all described as herbalists.
They were apprehended on December 7 and 8, 2025, at their respective shrines in Osun and Lagos States.
Preliminary investigations revealed that the suspects allegedly specialised in defrauding unsuspecting victims under the guise of offering spiritual cleansing and remedies for various ailments. The commission said the syndicate claimed the counterfeit foreign notes required spiritual purification before they could be used.
“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 (Three Million, Four Hundred and Thirty Thousand United States Dollars) and €280,000 (Two Hundred and Eighty Thousand Euros) in possession of a five-member syndicate arrested for allegedly swindling one Halima Sanni the sum of N26,550,000 (Twenty-Six Million, Five Hundred and Fifty Thousand Naira),” the EFCC said.
In addition to the counterfeit currency, operatives recovered two exotic vehicles and several mobile phones from the suspects.
The commission said investigations were ongoing and that the suspects would be charged to court upon conclusion of the probe.
The EFCC is one of Nigeria’s leading anti-graft agencies. In its one-year performance report released in October 2025, the commission said it recovered N364.5 billion, $326.5 million and other foreign currencies and assets, while securing 4,111 convictions—representing a 53.7 per cent increase from the previous year.
The report also showed that the agency received 15,724 petitions, investigated 12,928 cases and filed 5,081 matters in court, alongside the seizure of properties, vehicles, cryptocurrency wallets and other assets linked to economic and financial crimes.
 has arrested five suspects over the alleged possession of $3.43 million and ...){kind=link}