The Economic and Financial Crimes Commission has arrested a 51-year-old father of ten, Akilu Salisu, from Malumfashi Local Government Area of Katsina State, over his alleged involvement in the circulation of counterfeit foreign currencies, including United States dollars and British pounds sterling.
Salisu 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.
In a statement on Thursday, the EFCC Head of Media and Publicity, Dele Oyewale, disclosed that 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.
“During the operation, Nura was found in possession of 435 pieces of counterfeit $100 notes and 378 pieces of counterfeit £50 notes,” the statement read.
“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 statement 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 suspects will be arraigned in court upon the conclusion of ongoing investigations.
Under Nigerian law, currency counterfeiting carries severe penalties. The Counterfeit Currency (Special Provisions) Act prescribes life imprisonment for anyone found guilty of counterfeiting or dealing in fake banknotes or coins, whether Nigerian or foreign currency. The Central Bank of Nigeria Act also provides for a minimum of five years’ imprisonment upon conviction for possession of counterfeit legal tender.
