by Ola Williams-
IBADAN, NIGERIA — The Economic and Financial Crimes Commission (EFCC) has uncovered and dismantled a five-member syndicate of herbalists accused of running a large-scale, spiritually themed fraud operation across Osun and Lagos States, seizing counterfeit foreign currency valued at over $3.7 million.
Operatives of the EFCC’s Ibadan Zonal Directorate arrested the suspects during an intelligence-driven operation carried out on December 7 and 8, 2025. Those apprehended were identified as Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan, and Familola Sunday Olaitan.
According to the commission, the suspects were found in possession of $3,430,000 and €280,000 in fake foreign currency, alongside two exotic vehicles and several mobile phones allegedly used to coordinate the illicit scheme.
Inside the “Genie” Scam
EFCC investigators disclosed that the syndicate operated under the guise of spiritual healing and traditional medicine, targeting individuals seeking solutions to health or spiritual challenges. Victims were later enticed with promises of supernatural wealth.
“The suspects allegedly assured their victims of their ability to conjure currency notes,” an EFCC source said. “They claimed the money was supplied by spirits but needed to be spiritually cleansed by a ‘genie’ through sacrifices before it could be spent.”
The commission added that the group allegedly used hypnosis and psychological manipulation to pressure victims into paying substantial amounts of genuine money to fund the supposed rituals, only to be handed counterfeit notes.
EFCC Reacts
Commenting on the arrest, a spokesperson for the Ibadan Zonal Directorate said the operation exposed how criminal networks exploit belief systems to perpetrate financial crimes.
“This arrest underscores our commitment to rooting out fraudsters who hide behind traditional or spiritual facades to fleece hardworking Nigerians of their legitimate earnings,” the spokesperson stated. “No cover, spiritual or otherwise, will shield economic criminals from justice.”
The EFCC confirmed that the suspects remain in custody and will be arraigned in court upon the conclusion of investigations.
