EFCC arrests 12 over foreign currency counterfeiting in Kwara

The Economic and Financial Crimes Commission (EFCC) has arrested 12 suspects over their alleged involvement in the circulation of counterfeit foreign currencies in Kwara State.

 

Among those arrested are a 51-year-old father of 10, Akilu Salisu from Malumfashi Local Government Area of Katsina State; a self-acclaimed cleric, Umar Mikailu Shuaibu from Kano State; and Salisu Nura from Garki Local Government Area of Jigawa State.

 

The EFCC, in a statement by its Head of Media and Publicity, Dele Oyewale, said the suspects were linked to the distribution of fake United States dollars and British pounds sterling.

 

According to the commission, Nura and Shuaibu were initially arrested by operatives of the National Drug Law Enforcement Agency (NDLEA) in Kwara during a stop-and-search operation on January 27, 2026, before being handed over to the EFCC for further investigation.

 

“During the operation, Nura was found in possession of 435 pieces of counterfeit $100 notes and 378 pieces of counterfeit £50 notes,” the statement said.

 

Preliminary investigations revealed that the fake currencies were meant to be delivered to Shuaibu, while Salisu was identified as the final recipient in the distribution chain.

 

The anti-graft agency added that further probe into Shuaibu’s account with a digital payment platform uncovered suspicious transactions exceeding N5 million, for which he could not provide satisfactory explanations.

 

The EFCC said the suspects would be charged to court upon the conclusion of investigations.

 

The commission reiterated that currency counterfeiting remains a serious financial crime with far-reaching implications for economic stability, warning that it undermines public confidence in the financial system and facilitates other criminal activities, including fraud and money laundering.

 

Authorities also emphasised that Nigeria’s laws prescribe stiff penalties for offenders, including long-term imprisonment for those found guilty of producing, possessing, or distributing counterfeit currency.