Mkpoikana Udoma
Port Harcourt — The Economic and Financial Crimes Commission, EFCC, says it has uncovered a major counterfeit foreign currency racket, recovering fake dollar and euro notes valued at $3.43 million and €280,000, in a case that exposes the growing business risks of financial fraud and illicit cash schemes in Nigeria.
Operatives of the Ibadan Zonal Directorate of the EFCC made the discovery following the arrest of a five-member syndicate accused of defrauding a victim, Halima Sanni, of N26.55 million under the guise of spiritual investment and money “cleansing”.
The suspects, Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan, and Familola Sunday Olaitan, were arrested between December 7 and 8, 2025, at their shrines in Osun and Lagos states, after weeks of intelligence-led surveillance.
According to EFCC investigations, the group allegedly operated a deceptive scheme that targeted unsuspecting individuals seeking financial breakthroughs.
“They presented themselves as herbalists with the ability to spiritually multiply money,” an EFCC source disclosed. “Victims were convinced that large sums of foreign currency could be conjured but had to undergo ‘spiritual cleansing’ before use.”
Investigators said the syndicate allegedly hypnotised victims into providing cash for so-called sacrifices, while parading counterfeit foreign notes as proof of wealth multiplication.
“The counterfeit currencies were used as bait to lure victims into parting with their legitimate earnings,” the source added.
In addition to the fake foreign notes, EFCC operatives also recovered two exotic vehicles and several mobile phones, believed to have been used in coordinating the fraudulent operations.
The commission described the bust as a significant intervention against schemes that undermine financial confidence and expose individuals and businesses to economic losses.
The EFCC confirmed that the suspects will be charged to court upon the conclusion of investigations, as efforts continue to trace possible accomplices and victims linked to the syndicate’s operations.
The case highlights increasing sophistication in fraud tactics that blend superstition with financial deception, posing growing risks to personal wealth and economic trust.
