EFCC arrests 12 over foreign currency counterfeiting in Kwara

The arrested suspects. Photo: EFCC
The arrested suspects. Photo: EFCC

A 51-year-old father of 10, Akilu Salisu, from Malumfashi Local Government Area of Katsina State, has been arrested.

He was arrested alongside a self-acclaimed cleric, Umar Mikailu Shuaibu from the Kafor Wambari area of Kano State, and Salisu Nura from Garki Local Government Area of Jigawa State, by the Ilorin Zonal Directorate of the Economic and Financial Crimes Commission.

They were arrested over their alleged involvement in the circulation of counterfeit foreign currencies, including United States dollars and pounds sterling.

A statement by the EFCC Head of Media and Publicity, Dele Oyewale, made available to journalists in Ilorin, Kwara State, on Thursday, 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.

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

“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.”

It added that further investigation into Shuaibu’s account with a digital payment platform uncovered multiple suspicious transactions amounting to over N5 million, for which he could not provide satisfactory explanations.

The statement noted that the suspects would be arraigned in court upon the conclusion of ongoing investigations.

Currency counterfeiting is treated as a serious financial crime under Nigerian law because of its potential to undermine economic stability and facilitate other forms of organised criminal activity, such as fraud and money laundering.

The EFCC is one of the key agencies responsible for investigating and prosecuting offences involving financial crimes, including the circulation of fake foreign and local currencies.

Nigeria’s legal framework provides stringent penalties for individuals involved in producing, possessing, or distributing counterfeit currency.

The Counterfeit Currency (Special Provisions) Act prescribes severe punishment, including life imprisonment for anyone found guilty of counterfeiting or dealing in fake banknotes or coins, whether Nigerian or foreign currency.

Similarly, provisions of the Central Bank of Nigeria Act criminalise the falsification or possession of counterfeit legal tender, with penalties that may include imprisonment for a minimum of five years upon conviction.

Nigeria has recorded several prosecutions involving possession of counterfeit foreign currency, including cases where suspects were charged under Section 5 of the Counterfeit Currency Act for knowingly possessing fake banknotes.

Authorities have repeatedly warned that the circulation of counterfeit currency erodes public confidence in financial systems, disrupts legitimate commercial transactions, and poses risks to both individuals and businesses that unknowingly accept fake notes.

The EFCC, working with other agencies such as the National Drug Law Enforcement Agency and the Central Bank of Nigeria, continues to intensify enforcement actions aimed at curbing financial crimes, including currency counterfeiting and related offences.