Operatives of the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have arrested a five-member syndicate of herbalists in Osun and Lagos States over the alleged possession of counterfeit foreign currencies totalling $3,430,000 (Three Million, Four Hundred and Thirty Thousand United States Dollars) and €280,000 (Two Hundred and Eighty Thousand Euros).
The suspects were also accused of defrauding one Halima Sanni of the sum of N26,550,000 (Twenty-Six Million, Five Hundred and Fifty Thousand Naira).
Those arrested are Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan (female) and Familola Sunday Olaitan. They were apprehended on December 7 and 8, 2025, at their shrines in Osun and Lagos States, following extensive surveillance and actionable intelligence on their alleged fraudulent activities.
According to the EFCC, preliminary investigations revealed that the suspects allegedly targeted unsuspecting individuals under the guise of offering spiritual cleansing and remedies for various ailments. The syndicate was also said to have claimed the ability to conjure large sums of money, which they told victims required spiritual purification by a genie before the funds could be spent.
Investigators disclosed that the suspects allegedly hypnotised their victims, persuading them to part with substantial sums of money purportedly needed for spiritual sacrifices to “cleanse” the conjured currencies.
Items recovered from the suspects include the counterfeit foreign notes, two exotic cars and several mobile phones.
The EFCC stated that the suspects would be charged to court upon the conclusion of investigations.
The development was confirmed in a statement issued by the Head, Media and Publicity of the Commission, Dele Oyewale, dated December 17, 2026.
