Economic and Financial Crimes Commission Cracks Down on Fake Currency Scammers The Economic and Financial Crimes Commission (EFCC) has vowed to prosecute five herbalists arrested in Lagos and Osun states over allegations of possessing fake currencies worth $3.4 million and €280,000. According to a statement released by the EFCC on Wednesday, the arrests followed a report that the suspects had swindled one Halima Sanni out of N26 million. The commission alleged that the suspects had been defrauding unsuspecting members of the public by pretending to provide spiritual cleansing services. The statement revealed that the suspects, Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan (female), and Familola Sunday Olaitan, were arrested on December 7 and 8, 2025, at their shrines in Osun and Lagos states, respectively. The arrests came after thorough surveillance and intelligence gathering on their alleged fraudulent activities. Investigations revealed that the suspects had been deceiving people by promising to conjure foreign currencies and hypnotising them into providing money for sacrifices purportedly required to produce the funds. The victims were assured that their earnings would be spiritually cleansed by a genie through sacrifices before being spent. The EFCC also stated that other exhibits, including exotic cars and mobile phones, were recovered from the suspects during the arrests. The agency added that the suspects will be charged in court upon the conclusion of investigations. This is not the first time the EFCC has taken action against individuals involved in fake currency scams. In May, the Kano Zonal Office of the EFCC launched an investigation following the arrest of two men allegedly found with $899,800 in counterfeit currency. The suspects were arrested by operatives of the National Drug Law Enforcement Agency along Maiduguri Road in Wudil, Kano State, while they were travelling in a commercial vehicle. The EFCC's determination to crack down on fake currency scams is a welcome development, and it is hoped that this will serve as a deterrent to others who engage in such illicit activities.