Operatives of the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have arrested five herbalists allegedly involved in a multi-million naira fraud, recovering $3,430,000 and €280,000 in counterfeit foreign currencies.
The arrests took place on December 7 and 8, 2025, at the suspects’ various shrines in Osun and Lagos states.
According to an X post by the EFCC on Wednesday, the syndicate reportedly swindled a victim, Halima Sanni, of N26,550,000.
“Operatives of the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission have uncovered huge counterfeit foreign notes to the tune of $3,430,000 (Three Million, Four Hundred and Thirty Thousand United States Dollars) and €280,000 (Two Hundred and Eighty Thousand Euros) in possession of a five-member syndicate arrested for allegedly swindling one Halima Sanni the sum of N26,550,000 (Twenty-Six Million, Five Hundred and Fifty Thousand Naira),” the statement partly read.
The suspects have been identified as Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan, and Familola Sunday Olaitan. Investigations revealed that the group targeted unsuspecting individuals by promising spiritual cleansing and solutions to various personal and financial problems.
“They also allegedly assured their victims of their powers to conjure several currency notes, which must be cleaned up by a genie through spiritual sacrifice before spending the money. They did all these by hypnotising their victims to provide money for the sacrifice,” the EFCC added.
In addition to the counterfeit money, the EFCC recovered two exotic cars and several mobile phones from the suspects.
The agency confirmed that the suspects remain in custody and will be charged to court once ongoing investigations are concluded.
This case comes less than a year after the Ilorin Zonal Command of the EFCC arrested 48 suspected Internet fraudsters and a herbalist in Lokoja, Kogi State, for offences bordering on conspiracy and obtaining money under false pretence.
