The Economic and Financial Crimes Commission has arrested 12 suspects over alleged involvement in the circulation of counterfeit foreign currencies in Kwara State.
Among those arrested are Akilu Salisu, a 51-year-old father of 10 from Katsina State, a self-acclaimed cleric, Umar Mikailu Shuaibu from Kano State, and Salisu Nura from Jigawa State.
The suspects were apprehended by the Ilorin Zonal Directorate of the EFCC.
In a statement released in Ilorin on Thursday, the EFCC spokesperson, Dele Oyewale, detailed how the arrests were made.
He said: “Nura and Shuaibu were initially arrested by operatives of the Kwara State Command of the National Drug Law Enforcement Agency during a stop-and-search operation on January 27, 2026, and were subsequently handed over to the anti-graft agency for further investigation and possible prosecution.”
He added: “During the operation, Nura was found in possession of 435 pieces of counterfeit $100 notes and 378 pieces of counterfeit £50 notes.”
According to him, investigations revealed the structure of the network.
He said: “Preliminary investigations revealed that the counterfeit currencies were intended for delivery to Shuaibu, while Salisu was identified as the final recipient in the distribution chain.”
The commission also uncovered suspicious financial activities linked to the suspects.
It said further investigation into Shuaibu’s digital account revealed transactions exceeding N5m, for which no satisfactory explanation was provided.
The EFCC said the suspects would be arraigned upon conclusion of investigations.
Authorities have repeatedly warned that currency counterfeiting remains a serious offence under Nigerian law, with severe penalties including long-term imprisonment for offenders.
