EFCC Cracks Fake ‘Money-Doubling’ Shrines in Lagos, Osun, Seizes Counterfeit $3.4m and €280,000

Follow

( 0 Followers )

X

Follow

E-mail : *

Follow Unfollow

The Economic and Financial Crimes Commission (EFCC) has dismantled an alleged syndicate of fake spiritualists operating money-doubling schemes from shrines in Lagos and Osun states, recovering large quantities of counterfeit foreign currency during the operation.

According to findings by investigators, the suspects posed as babalawo and spiritual healers, promising victims instant wealth, supernatural powers, and miraculous healing. They allegedly charged large sums for so-called spiritual cleansing rituals, claiming to bestow victims with the power of a “genie” capable of producing unlimited riches.

EFCC sources said victims were required to pay real money as “sacrifices” before receiving a supposed magical genie and an activation phrase. Once activated, the genie was said to grant wishes—but only in foreign currencies. Victims later discovered that the US dollars and euros produced were counterfeit. In several cases, the suspects allegedly demanded additional payments to “carry” or “sync” the victim with the genie before the money could work.

The elaborate scheme reportedly unraveled after one of the victims, Halima Sanni, was allegedly defrauded of ₦26.6 million. After realizing she had been given fake foreign currency, she alerted the EFCC, triggering an investigation that led to the arrest of the suspects at their shrines.

During the raids, EFCC operatives recovered fake currency estimated at $3.4 million and €280,000.

The suspects have been identified as Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan (female), and Familola Sunday Olaitan. The commission said they will be charged to court after investigations are concluded.

The EFCC has once again cautioned Nigerians against schemes promising supernatural wealth, stressing that no ritual or spiritual process can legitimately multiply money, and warning that fraudsters continue to exploit desperation and belief for criminal gain.