EFCC Arrests Five Herbalists with $3.43 Million, €280,000 in Counterfeit Notes in Osun and Lagos

EFCC Nabs Syndicate in Major Counterfeit Bust

Operatives of the Economic and Financial Crimes Commission (EFCC) have apprehended five suspected herbalists in coordinated raids across Osun and Lagos states, Nigeria. The arrests, which took place on December 7 and 8, 2025, led to the recovery of a substantial amount of counterfeit foreign currency, totaling $3.43 million and €280,000. The anti-graft agency announced the breakthrough in a statement released on Wednesday via its official Facebook page.

Modus Operandi: Spiritual Deception and Fraud

The suspects, identified as Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan, and Familola Sunday Olaitan, are alleged to have operated a sophisticated fraud syndicate. According to the EFCC, they presented themselves as spiritual healers, or 'babalawos', capable of offering cleansing rituals and supernatural solutions to personal and financial problems.

Investigations by the EFCC's Ibadan Zonal Directorate revealed that the herbalists allegedly claimed to possess mystical powers to generate foreign currencies. They reportedly convinced victims that these conjured funds required spiritual purification through sacrifices before they could be spent. Victims were allegedly hypnotized into releasing their own funds to finance these purported rituals. One victim, Halima Sanni, was reportedly defrauded of N26.55 million by the syndicate.

Recovered Exhibits and Impending Prosecution

During the operations, EFCC operatives recovered several items linked to the alleged criminal activities. These include:

• Counterfeit foreign currencies ($3.43 million and €280,000)
• Two exotic vehicles
• Several mobile phones

The arrests followed sustained surveillance and intelligence-led operations. The EFCC has stated that the suspects will be charged to court once investigations are concluded.