EFCC Arrests Herbalists Over $3.4 Million and €280,000 in Counterfeit Notes in Osun and Lagos

The Economic and Financial Crimes Commission has arrested a five-member syndicate of suspected herbalists in Osun and Lagos States after uncovering a large cache of counterfeit foreign currency during coordinated operations. The arrest was carried out on December 7 and 8, 2025, following intelligence-led surveillance of the suspects’ activities at their respective shrines in the two states. Authorities recovered approximately $3,430,000 (Three Million, Four Hundred and Thirty Thousand US Dollars) and €280,000 (Two Hundred and Eighty Thousand Euros) in fake notes from the group.

According to the EFCC’s statement, the suspects — identified as Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan, and Familola Sunday Olaitan — allegedly used spiritual and ritualistic claims to deceive unsuspecting victims. Investigators say the syndicate convinced a woman identified as Halima Sanni to part with about ₦26,550,000 under the guise of spiritual cleansing and promised mystical means to conjure wealth, which they claimed required spiritual sacrifices. The suspects reportedly hypnotised victims and persuaded them to provide money for these rituals.

In addition to the fake currency, the EFCC recovered two exotic vehicles and several mobile phones from the suspects’ possession. The anti-graft agency has stated that the investigation is ongoing and that the suspects will be charged to court once the inquiry is completed.

What do you think should be done to protect people from falling victim to fraud schemes that exploit spiritual beliefs and promises of quick wealth? Comment below and share your thoughts.

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