EFCC Busts “Shrine” Syndicate Over Massive Counterfeit Cash
In a plot that feels more like a movie script than a news report, Nigeria’s Economic and Financial Crimes Commission (EFCC) has dismantled a high-stakes syndicate operating out of local shrines.
The anti-graft agency successfully arrested five individuals in connection with a staggering cache of counterfeit foreign currency and a multi-million naira fraud scheme spanning Lagos and Osun States.
Table of Contents
The Arrest: Shrines, Fake Dollars, and Euros
The Victims: How the ₦26.55 Million Scam Worked
Identification: Who Are the Five Suspects?
The Bigger Picture: EFCC’s 2025 Performance Surge
1. The Arrest: Shrines, Fake Dollars, and Euros
The Ibadan Zonal Directorate of the EFCC carried out a series of intelligence-led raids on December 7 and 8, 2025. Unlike typical office-based fraud, these operations led detectives to shrines located in both Osun and Lagos States.
During the search, operatives uncovered a massive stash of counterfeit foreign notes, including:
$3.43 Million (Counterfeit USD)
€280,000 (Counterfeit Euros)
The suspects allegedly used these “shrine” locations to bolster their claims of spiritual power, telling victims that the fake currency was real but required “spiritual cleansing” before it could be safely spent.
2. The Victims: How the ₦26.55 Million Scam Worked
The syndicate didn’t just hold fake cash; they were actively draining the bank accounts of unsuspecting Nigerians. One victim, Halima Sanni, was allegedly swindled out of ₦26.55 million.
According to the EFCC, the suspects posed as herbalists offering solutions to various life problems and ailments. Under the guise of providing “spiritual cleansing,” they convinced the victim to pay millions of naira in legitimate currency, while dangling the prospect of multi-million dollar “spiritually cleansed” payouts that were, in reality, worthless paper.
3. Identification: Who Are the Five Suspects?
The commission has publicly identified the five members of the alleged syndicate. They include:
Akingbola Omotayo
Adeola Funsho Ogunrinde
Yahaya Amodu
Kubratu Babalola Olaitan
Familola Sunday Olaitan
In addition to the counterfeit currency, the EFCC recovered two exotic vehicles and several mobile phones used to coordinate their activities. The suspects remain in custody and will face formal charges in court once the investigation is fully wrapped up.
4. The Bigger Picture: EFCC’s 2025 Performance Surge
This bust highlights the EFCC’s aggressive stance against fraud in 2025. According to the agency’s performance report released in October, the commission has seen a 53.7% increase in convictions compared to the previous year.
| EFCC 2025 Stats (One-Year Period) | Value/Count |
| Naira Recovered | ₦364.5 Billion |
| US Dollars Recovered | $326.5 Million |
| Total Convictions | 4,111 |
| Petitions Investigated | 12,928 |
The commission is also closely monitoring high-risk businesses and the disbursement of government funds—such as the 3MTT initiative and COVID-19 support schemes—to ensure transparency and prevent the type of “spiritual” scams seen in this latest case.
Join Our Social Media Channels:
WhatsApp: NaijaEyes
Facebook: NaijaEyes
Twitter: NaijaEyes
Instagram: NaijaEyes
TikTok: NaijaEyes
