By Paul Joseph
The Ilorin Zonal Directorate of the Economic and Financial Crimes Commission has arrested 12 suspects over their alleged involvement in the circulation of counterfeit foreign currencies in Kwara State.
Among those arrested is a 51-year-old father of 10, Akilu Salisu, from Katsina State. He was apprehended alongside a self-acclaimed cleric, Umar Mikailu Shuaibu, and another suspect, Salisu Nura, in connection with the illegal distribution of fake United States dollars and British pounds.
According to a statement by EFCC spokesperson, Dele Oyewale, the case originated from an earlier operation carried out by operatives of the National Drug Law Enforcement Agency in January 2026. Nura and Shuaibu were initially intercepted during a stop-and-search exercise before being handed over to the EFCC for further investigation.
Authorities disclosed that Nura was found in possession of 435 counterfeit $100 notes and 378 counterfeit £50 notes. Preliminary findings indicated that the fake currencies were meant for delivery to Shuaibu, with Salisu identified as the final link in the distribution network.
Further investigations reportedly uncovered suspicious financial activities linked to Shuaibu, including transactions exceeding ₦5 million through a digital payment platform, for which he could not provide satisfactory explanations.
The EFCC confirmed that the suspects will be charged to court upon the conclusion of investigations.
Currency counterfeiting remains a grave financial crime in Nigeria due to its impact on economic stability and its links to organised criminal activities such as fraud and money laundering. Under Nigerian law, offenders risk severe penalties, including long-term imprisonment, for producing, possessing, or distributing fake currency.
The EFCC, in collaboration with agencies like the NDLEA and the Central Bank of Nigeria, continues to intensify efforts to combat financial crimes and safeguard the integrity of the country’s financial system.
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