EFCC Arrests Herbalists with $3.4 Million and €280,000 in Counterfeit Currency in Osun and Lagos

Operatives of the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have recorded a major breakthrough in the fight against financial crimes with the arrest of a five-member syndicate of alleged herbalists found in possession of a large cache of counterfeit foreign currency valued at $3.43 million and €280,000. The arrests took place across Osun and Lagos states, following days of intelligence-led surveillance.

According to the EFCC, the suspects were apprehended in connection with an alleged fraud involving N26.55 million, which was reportedly obtained from an unsuspecting victim, Halima Sanni. The individuals arrested were identified as Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan (female), and Familola Sunday Olaitan.

In an official statement released by the commission, the EFCC disclosed that the arrests were carried out on December 7 and 8, 2025, at various locations, including the suspects’ shrines in both Osun and Lagos states. The operation followed intensive surveillance and actionable intelligence gathered on the syndicate’s alleged activities, which had reportedly spanned multiple locations.

Preliminary investigations revealed that the suspects allegedly operated under the guise of traditional herbalists and spiritual healers, using deception to defraud their victims. The syndicate was said to lure unsuspecting individuals with promises of spiritual cleansing, healing remedies, and supernatural wealth creation. Victims were allegedly told that large sums of money could be magically produced but would first require spiritual “cleansing” by a genie through elaborate sacrifices.

The EFCC stated that the suspects allegedly convinced their victims that the conjured money could not be spent unless certain rituals were performed. As part of this process, victims were reportedly instructed to provide large amounts of cash to fund sacrifices and spiritual rites. Investigators further alleged that the suspects used hypnotic tactics and psychological manipulation to pressure victims into complying with their demands, ultimately leading to significant financial losses.

One of the key allegations against the syndicate is the use of counterfeit foreign currencies as part of their elaborate scam. The recovery of fake dollar and euro notes running into millions has raised serious concerns about the scale of the operation and the potential threat it poses to Nigeria’s financial system. The EFCC noted that the sheer volume of the counterfeit currency suggests a well-coordinated and organized criminal network rather than isolated acts of fraud.

During the coordinated raids, EFCC operatives also recovered two exotic vehicles believed to have been acquired through proceeds of the alleged criminal activities. Several mobile phones were also seized and are expected to provide further digital evidence as investigations continue. The commission confirmed that forensic analysis would be conducted on the recovered devices to uncover communication trails, financial transactions, and possible links to other accomplices.

The EFCC emphasized that the arrests highlight the agency’s commitment to tackling financial fraud, counterfeit currency trafficking, and ritual-related scams across the country. The commission also used the opportunity to warn members of the public to remain vigilant and avoid individuals or groups that promise supernatural solutions to financial problems.

“The public should be cautious of anyone claiming the ability to magically produce money or offer spiritual solutions that involve financial contributions,” the EFCC warned. “Such schemes are often designed to exploit desperation and greed, leading to significant financial and emotional losses.”

The commission confirmed that investigations into the case are still ongoing and assured Nigerians that all individuals found culpable would be prosecuted in accordance with the law. The suspects are expected to be arraigned in court upon the conclusion of investigations and the compilation of sufficient evidence.

This latest operation adds to a growing list of high-profile arrests by the EFCC in its ongoing crackdown on economic and financial crimes. It also serves as a reminder of the evolving tactics used by fraudsters, who continue to exploit cultural beliefs and spiritual sentiments to deceive their victims.

As the case progresses, the EFCC reiterated its resolve to dismantle criminal syndicates and protect the integrity of Nigeria’s financial system, urging citizens to promptly report suspicious activities to law enforcement authorities.