The Economic and Financial Crimes Commission (EFCC) has arrested five people posing as traditional herbalists after they allegedly swindled a woman out of ₦26.5 million using fake foreign currency and spiritual deception.
Officers from the EFCC’s Ibadan office seized counterfeit notes worth $3.43 million and €280,000 during raids on December 7 and 8, 2025, at locations in Osun and Lagos States.
The arrested suspects are Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan, and Familola Sunday Olaitan.
Their victim, Halima Sanni, lost over ₦26 million to the group’s elaborate scheme.
EFCC investigations revealed the syndicate lured victims by pretending to offer spiritual healing and solutions to personal problems.
They convinced people they had supernatural abilities to conjure large amounts of money.
The fraudsters then told victims the “conjured” currency needed spiritual cleansing by a genie before it could be used.
Under this pretense, they allegedly hypnotized victims and convinced them to hand over huge sums to pay for fake rituals and sacrifices.
Intelligence-led surveillance helped EFCC operatives track down the suspects at their shrines.
During the arrests, officers also recovered two luxury vehicles and multiple mobile phones.
The EFCC confirmed the suspects will face criminal charges once investigations wrap up.
This case highlights ongoing warnings from Nigerian authorities about fraudsters exploiting people’s spiritual beliefs for financial gain.
Anyone approached with similar “money ritual” schemes should report immediately to law enforcement.
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