The Economic and Financial Crimes Commission has arrested five suspects over the alleged possession of $3.4 million and €280,000 in counterfeit foreign notes in Osun and Lagos States.
The commission disclosed the development in a statement posted on its official X account on Wednesday.
Operatives of the Ibadan Zonal Directorate carried out the arrests during intelligence-led operations at locations described as shrines.
The suspects were also linked to the alleged defrauding of a victim, Halima Sanni, of N26.55 million.
The EFCC said the arrests followed thorough surveillance and intelligence on the suspects’ alleged fraudulent activities.
It identified the suspects as herbalists Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan, and Familola Sunday Olaitan. They were arrested on December 7 and 8, 2025, at their shrines in Osun and Lagos States.
Investigations revealed that the suspects allegedly defrauded unsuspecting individuals of their legitimate earnings under the pretence of offering spiritual cleansing and solutions to various ailments.
The commission said they were found in possession of $3.43 million and €280,000 in counterfeit foreign notes, which they claimed required spiritual cleansing before use.
“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 statement read in part.
Other items recovered included two exotic vehicles and several mobile phones. The EFCC added that the suspects would be charged to court once investigations were concluded.
The Economic and Financial Crimes Commission is one of Nigeria’s frontline anti-graft agencies.
Oversight units monitored businesses and government fund disbursements to prevent fraud, including evaluating 2,348 high-risk businesses and tracking federal initiatives such as PI-CNG, NG-CARES, and CBN COVID-19 support schemes.