The Economic and Financial Crimes Commission (EFCC) has arrested three suspects over their alleged involvement in the circulation of counterfeit foreign currencies, including United States dollars and British pounds.
The suspects—Akilu Salisu, a 51-year-old father of 10 from Katsina State; Umar Mikailu Shuaibu, a self-acclaimed cleric from Kano State; and Salisu Nura from Jigawa State—were apprehended by operatives of the Ilorin Zonal Directorate of the anti-graft agency.
According to a statement by the EFCC spokesperson, Dele Oyewale, Nura and Shuaibu were initially arrested by the National Drug Law Enforcement Agency (NDLEA) during a stop-and-search operation on January 27, 2026, in Kwara State before being handed over to the EFCC for further investigation.
During the operation, Nura was found in possession of 435 pieces of counterfeit $100 notes and 378 pieces of counterfeit £50 notes.
“Preliminary investigations revealed that the counterfeit currencies were intended for delivery to Shuaibu, while Salisu was identified as the final recipient in the distribution chain,” the statement said.
The EFCC added that further investigations into Shuaibu’s account on a digital payment platform uncovered suspicious transactions exceeding ₦5 million, for which he could not provide satisfactory explanations.
The suspects are expected to be arraigned in court upon the conclusion of investigations.
Currency counterfeiting is regarded as a serious financial crime in Nigeria due to its potential to undermine economic stability and facilitate other criminal activities such as fraud and money laundering.
Under the Counterfeit Currency (Special Provisions) Act, offenders risk severe penalties, including life imprisonment, while the Central Bank of Nigeria Act prescribes a minimum of five years’ imprisonment for possession or falsification of counterfeit legal tender.
Authorities have continued to warn that the circulation of fake currency erodes public confidence in financial systems and disrupts legitimate economic activities, pledging sustained enforcement efforts to curb the menace