EFCC operatives arrest five suspected herbalists in Osun and Lagos, recovering $3.43m and €280,000 counterfeit currency in a N26.55m fraud case
EFCC Uncovers $3.43m, €280,000 Fake Notes in Herbalist Fraud Syndicate
Operatives of the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have uncovered huge consignments of counterfeit foreign currencies in the possession of a five-member syndicate arrested for allegedly defrauding a victim of over ₦26.5 million.
The anti-graft agency disclosed that the suspects were found with $3,430,000 (Three Million, Four Hundred and Thirty Thousand United States Dollars) and €280,000 (Two Hundred and Eighty Thousand Euros) in fake notes.
The suspects, identified as Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan (female), and Familola Sunday Olaitan, were arrested between December 7 and 8, 2025, at their shrines in Osun and Lagos States following sustained surveillance and actionable intelligence on their alleged criminal operations.
Investigations revealed that the group, who allegedly posed as herbalists, specialized in defrauding unsuspecting members of the public under the guise of offering spiritual cleansing and solutions to various ailments.
According to EFCC findings, the suspects also deceived victims by claiming they possessed supernatural powers to conjure large sums of foreign currency, which they said required ritual cleansing by a genie through spiritual sacrifices before the money could be spent.
Victims were reportedly hypnotised and manipulated into providing large sums of money purportedly needed to complete the rituals.
One of the victims, Halima Sanni, was allegedly swindled of ₦26,550,000 (Twenty-Six Million, Five Hundred and Fifty Thousand Naira) in the fraudulent scheme.
Items recovered from the suspects include two exotic cars, mobile phones, and the counterfeit foreign currencies.
The EFCC stated that the suspects would be charged to court as soon as investigations are concluded.
The development underscores the Commission’s continued resolve to dismantle organised fraud networks and protect Nigerians from financial exploitation disguised as spiritual or traditional practices. Read More
