The Ilorin Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) has arrested 12 suspects, including a 51-year-old father of 10, Akilu Salisu from Katsina State, over their alleged involvement in the circulation of counterfeit foreign currencies.
Also arrested were a self-acclaimed cleric, Umar Mikailu Shuaibu of the Kafor Wambari area of Kano State, and Salisu Nura from Garki Local Government Area of Jigawa State. The suspects were reportedly linked to a network distributing fake U.S. dollars and British pounds.
According to a statement released in Ilorin on Thursday by the EFCC’s Head of Media and Publicity, Dele Oyewale, Nura and Shuaibu were first apprehended by operatives of the Kwara State Command of the National Drug Law Enforcement Agency during a stop-and-search operation on January 27, 2026. They were later transferred to the EFCC for further investigation.
During the operation, operatives found 435 pieces of counterfeit $100 notes and 378 pieces of counterfeit £50 notes in Nura’s possession. Preliminary findings indicated that the fake currencies were meant for delivery to Shuaibu, while Akilu Salisu was identified as the final receiver in the distribution chain.
Further scrutiny of Shuaibu’s digital payment account reportedly uncovered suspicious transactions exceeding ₦5 million, for which he could not provide credible explanations.
The EFCC said the suspects will be charged to court upon the conclusion of investigations.
The agency noted that currency counterfeiting is a serious financial crime capable of undermining economic stability and enabling other criminal activities such as fraud and money laundering.
Nigeria’s legal framework prescribes strict penalties for counterfeiting. Under the Counterfeit Currency (Special Provisions) Act, offenders may face life imprisonment, while provisions of the Central Bank of Nigeria Act also stipulate jail terms of at least five years for possession of fake legal tender.
Authorities have repeatedly warned that counterfeit currency erodes public trust in the financial system, disrupts legitimate transactions and poses risks to unsuspecting members of the public.
The EFCC, working with agencies such as the NDLEA and the Central Bank of Nigeria, reaffirmed its commitment to intensifying enforcement operations to stem the circulation of fake foreign and local currencies.
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