EFCC uncovers $3.43m, €280,000 in fake currencies, arrests five in Ibadan zone
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 N26.55 million.
The suspects, identified as Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan and Familola Sunday Olaitan, were arrested on December 7 and 8, 2025, at their shrines in Osun and Lagos states following intelligence-led surveillance by EFCC operatives.
According to the commission, the suspects, who allegedly posed as herbalists, swindled one Halima Sanni of N26.55 million under the pretence of offering spiritual cleansing and solutions to various ailments.
Investigations revealed that the syndicate also claimed to possess mystical powers to conjure large sums of money, which they said must undergo spiritual cleansing by a genie through sacrifices before the money could be spent. Victims were allegedly hypnotised and persuaded to provide funds for the supposed sacrifices.
Items recovered from the suspects include the counterfeit foreign currencies, two exotic vehicles and several mobile phones.
The EFCC disclosed that the suspects would be charged to court upon the conclusion of investigations.
