EFCC Arrests Five Herbalists Over $3.4m, €280,000 Counterfeit Currency Scam

Operatives of the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have arrested five suspected fraudsters and uncovered a large cache of counterfeit foreign currency valued at $3.43 million and €280,000 in Osun and Lagos states.

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 following weeks of intelligence gathering and surveillance.

According to the EFCC, the five-member syndicate, who allegedly posed as herbalists, is accused of defrauding an unsuspecting victim, Halima Sanni, of N26.55 million under the guise of offering spiritual cleansing and solutions to various ailments and personal challenges.

Preliminary investigations revealed that the suspects allegedly deceived victims by claiming they possessed supernatural powers to conjure large sums of foreign currency. They reportedly told their victims that the money needed to undergo spiritual cleansing by a “genie” through sacrifices before it could be spent, thereby hypnotising and coercing them into providing large amounts of cash for the purported rituals.

During the operation, EFCC operatives recovered huge quantities of counterfeit United States dollars and euros, as well as two exotic vehicles and several mobile phones believed to have been used in carrying out the alleged fraud.

The anti-graft agency said investigations are ongoing and that the suspects will be charged to court upon the conclusion of inquiries.

The EFCC reiterated its warning to members of the public to be wary of individuals offering spiritual or supernatural solutions in exchange for money, noting that such schemes are often fronts for elaborate fraud operations.