The Economic and Financial Crimes Commission (EFCC) has arrested five suspected herbalists in a major crackdown on an alleged counterfeit currency operation involving $3.4 million and €280,000 in fake banknotes. The arrests were carried out during coordinated raids across Lagos and Ogun states, following actionable intelligence on a network believed to be producing and circulating forged foreign currencies under the guise of traditional money rituals.
According to the EFCC, the suspects allegedly presented themselves as spiritualists capable of “multiplying” money through herbal concoctions and ritual practices. Investigators say the operation targeted desperate individuals seeking quick wealth, luring them with promises of instant financial miracles while secretly engaging in counterfeit currency production and fraud.
The development marks another significant intervention by the anti-graft agency in its ongoing efforts to curb financial crimes, ritual-related scams, and currency counterfeiting in Nigeria. The EFCC reiterated that the arrests align with its mandate to protect the integrity of the nation’s financial system and prevent Nigeria from becoming a hub for transnational economic crimes.
Massive Seizure of Fake Dollars and Euros During EFCC Operations
During the raids, EFCC operatives reportedly recovered $3.4 million in counterfeit United States dollars and €280,000 in fake euro notes, alongside various materials allegedly used for ritual money-making and currency processing. Items recovered included chemical substances, ritual containers, stamping tools, and foreign currency packaging materials, all suspected to be part of the illicit operation.
Preliminary findings suggest the fake notes were carefully concealed in shrines, residential apartments, and makeshift herbal centers to evade detection. EFCC officials disclosed that forensic analysis is underway to determine the sophistication of the counterfeit notes and whether they were already in circulation within Nigeria or intended for international distribution.
The commission emphasized that the seizure represents one of the largest fake foreign currency recoveries linked to ritual fraud in recent times. Officials warned members of the public to be vigilant, stressing that any claim of supernatural money multiplication is fraudulent and often connected to serious financial crimes.
EFCC Intensifies Crackdown on Ritual Fraud and Counterfeit Currency Networks
The EFCC confirmed that the five suspects are currently in custody and will be charged to court upon the conclusion of investigations. The agency disclosed that it is expanding the probe to identify other collaborators, financiers, and potential victims connected to the herbalist-led counterfeit currency ring.
EFCC spokespersons noted that the case underscores a disturbing trend where traditional and spiritual fronts are exploited to perpetrate economic sabotage, money laundering, and international fraud. The commission reaffirmed its commitment to dismantling such networks and prosecuting offenders to the fullest extent of the law.
As investigations continue, the EFCC urged Nigerians to report suspicious financial schemes and avoid engaging in ritual-based wealth promises. The agency maintained that sustained public awareness and intelligence sharing remain critical in combating fake currency syndicates, financial fraud, and economic crimes in Lagos, Ogun, and across Nigeria.
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