Five self-styled herbalists operating shrines in Lagos and Osun states are set to face trial after operatives of the Economic and Financial Crimes Commission (EFCC) uncovered what the agency described as a sophisticated fraud involving fake foreign currency valued at $3.4 million and €280,000.
The arrests followed intelligence reports and surveillance linking the suspects to alleged financial crimes carried out under the guise of spiritual intervention, the EFCC said in a statement on Wednesday.
According to the commission, the suspects—Akingbola Omotayo, Adeola Funsho Ogunrinde, Yahaya Amodu, Kubratu Babalola Olaitan, and Familola Sunday Olaitan—were apprehended at separate shrines across the two states after investigations revealed a pattern of deception targeting unsuspecting members of the public.
Central to the case is a complaint by Halima Sanni, who allegedly lost ₦26 million after being convinced that spiritual cleansing and ritual sacrifices were required to unlock large sums of foreign currency.
EFCC investigators said the suspects claimed to possess supernatural powers to “conjure” foreign currencies, insisting that the money could only be spent after undergoing ritual purification by a mystical entity.
“They allegedly assured their victims of their powers to produce foreign currency notes,” the commission said. “The funds, they claimed, needed to be spiritually cleansed by a genie through sacrifices before being spent.”
According to the EFCC, victims were manipulated through alleged hypnotic practices into providing cash for the supposed sacrifices, believing the rituals would result in the release of vast fortunes.
During the arrests, operatives recovered large quantities of what was later determined to be fake foreign currency, along with other items believed to be proceeds of the alleged crimes. These included two exotic cars and several mobile phones, which are now part of the ongoing investigation.
The commission said the case highlights a recurring pattern in which fraudulent actors exploit traditional beliefs and economic vulnerability to lure victims with promises of sudden wealth or miraculous solutions to personal problems.
“The suspects allegedly defrauded individuals of their legitimate earnings under the pretence of spiritual cleansing and solutions to various ailments,” the statement added.
The EFCC said the suspects will be formally charged in court once investigations are concluded.
The case adds to a growing list of fraud-related prosecutions involving spiritual or ritual claims, raising fresh questions about regulation, public awareness, and the intersection of belief, desperation, and financial crime in Nigeria.