Osogbo/Lagos – Operatives from the Ibadan Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) have smashed a notorious five-member herbalist syndicate, seizing counterfeit foreign currencies worth $3,430,000 (Three Million Four Hundred and Thirty Thousand United States Dollars) and €280,000 (Two Hundred and Eighty Thousand Euros).
The arrests, executed on December 7 and 8, 2025, followed months of intelligence gathering on the suspects’ shrines in Osun and Lagos states. Named in the operation are Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan (female), and Familola Sunday Olaitan. EFCC sources revealed the group had allegedly swindled one Halima Sanni of N26,550,000 (Twenty-Six Million Five Hundred and Fifty Thousand Naira) through elaborate scams disguised as spiritual interventions.
Preliminary investigations paint a picture of sophisticated fraud. The herbalists preyed on desperate victims seeking cures for ailments or financial breakthroughs, hypnotizing them into believing they could “conjure” bundles of dollar and euro notes via mystical powers. Victims were then coerced into funding “sacrifices” to a supposed genie that would “cleanse” the money for legitimate use—a classic ritual money-doubling ploy that has ensnared many across Nigeria, according to EFCC reports.
“This syndicate exploited cultural beliefs in spiritual solutions, turning faith into financial ruin,” an EFCC spokesperson noted in a statement corroborated by outlets like Punch Newspaper. Beyond the fake notes—verified as high-quality counterfeits by forensic experts—raiders recovered two exotic cars and several mobile phones believed to hold records of other victims.
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The bust aligns with EFCC’s intensified 2025 campaign against yahoo-yahoo variants and ritual fraud, which has seen over 500 arrests nationwide this year amid Nigeria’s naira volatility and dollar scarcity. Sources indicate Halima Sanni’s petition triggered the surveillance, exposing a network that targeted middle-class professionals and traders.
As probes wrap up, the suspects will soon face charges in court for conspiracy, obtaining money by false pretenses, and possession of counterfeit currency under the Advance Fee Fraud Act. EFCC vows more raids, urging Nigerians to shun dubious herbalists. “Spiritual solutions don’t print money—report scams,” the agency warned on its X handle.
