Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
A 51-year-old father of ten, identified as Akilu Salisu from Malumfashi Local Government Area of Katsina State, is currently in the custody of the Economic and Financial Crimes Commission (EFCC) alongside two other men in connection with an alleged scheme involving the circulation of counterfeit foreign currency in Kwara State. The suspects were apprehended by operatives of the EFCC’s Ilorin Zonal Directorate as part of an ongoing investigation into the illegal handling and distribution of forged United States Dollar and British Pound Sterling notes.
The operation that led to their arrest stems from intelligence received by the EFCC concerning the movement of fake foreign currencies through several states, including Kwara, Kano, and Jigawa, before the alleged distribution network surfaced in Ilorin. Preliminary findings indicate that the counterfeit notes were intercepted at various stages of their transit, suggesting a coordinated effort to circulate large quantities of fake currency in multiple markets and financial circles.
At the centre of the case is Akilu Salisu, a man described by officials as having links across several northern states, who is believed to be the final consignee in the alleged network’s distribution chain. Investigators allege that Salisu Nura, a man from Garki Local Government Area of Jigawa State, played a significant role in the movement and logistics of the suspect currencies, while Umar Mikailu Shuaibu, a self-described cleric from the Kafor Wambari area of Kano State, was identified as an intermediary likely responsible for coordinating the distribution to various locations and recipients.
According to sources close to the EFCC investigation, the case came to light after credible intelligence revealed irregular cash flows and suspicious batches of foreign notes entering Kwara State markets and informal exchange points. Officers who monitored the flows reported that several batches of purported U.S. dollars and Pounds appeared to lack authentic security features and did not conform to official Central Bank of Nigeria and international issuing standards.
EFCC operatives tracked these movements using a combination of surveillance, financial forensics, and reports from currency handlers and financial institutions that flagged the suspect notes. Although the agency has not disclosed detailed quantities of counterfeit currency seized, officials have confirmed that multiple suspect notes were recovered and handed to forensic currency examiners for detailed analysis. That examination is ongoing, and findings are expected to form part of the prosecution’s primary evidence.
Salisu, Shuaibu, and Nura were detained in Ilorin following coordinated arrest efforts, and all three are being questioned under the commission’s custody as part of a broader probe into potential links between this case and other organised financial crimes. While the EFCC has not publicly released full statements from the suspects, initial interrogations reportedly revealed details about the network’s coordination and possible routes used to smuggle the fake currencies into circulation.
Under Nigerian law, offences related to possession, distribution, or use of counterfeit foreign currency are treated seriously because of their potential impact on economic stability, public confidence in legal tender, and financial sector integrity. Convictions can carry significant custodial sentences, fines, and forfeiture of assets connected to the crimes. Prosecutors are expected to frame charges that could include conspiracy, possession and distribution of counterfeit currency, and obtaining by false pretence once the investigation concludes and evidence is compiled.
The EFCC’s action reflects wider efforts by Nigerian authorities to clamp down on illicit financial operations, including forex-related crimes that undermine economic confidence and distort legitimate financial flows. Cases involving counterfeit currency are often linked to larger criminal syndicates, money laundering schemes, and cross-border criminal networks, and so the investigation may expand to include cooperatives with customs, anti-money laundering units, and international partners where foreign involvement is suspected.
Economic analysts say the circulation of fake foreign currency not only harms local traders and exchange networks but can also erode investor confidence and expose Nigeria’s financial system to destabilising pressures. Financial regulators and anti-graft agencies have been urging banks, bureaux de change operators, and the public to remain vigilant and report suspect currency to authorities. The Central Bank of Nigeria has regularly issued advisories on detecting forged notes and training financial operatives on authentication measures.
The arrests have sparked reactions from traders and currency exchange dealers in Ilorin, many of whom expressed concern over how fake currencies entering markets could warp pricing, increase transaction costs, and damage trust between buyers and sellers. Some stallholders and shop owners said they had encountered suspect notes in recent weeks, but were unsure how to report them until EFCC’s increased enforcement efforts became publicly known.
Local residents also noted that the involvement of individuals from multiple states highlights the complexity of illicit financial networks and the need for robust cross-jurisdictional law enforcement cooperation to dismantle them effectively. Community leaders have welcomed the EFCC’s intervention, emphasising the need for accountability and public education on currency verification to safeguard small businesses and informal sector participants.
As the EFCC continues its investigation, legal proceedings are expected to follow once charges are formally preferred before the courts. Prosecutors will likely present both physical evidence of the counterfeit notes and expert testimony to demonstrate authenticity concerns and connection to the suspects. The defence, if raised, may explore issues such as intent and actual knowledge of the notes’ authenticity, but authorities appear confident that the evidence will support prosecution.
This case comes at a time when Nigeria’s anti-graft agencies are increasingly focusing on financial crime and economic sabotage offences, signalling that counterfeiting and similar illicit operations will face heightened scrutiny. The outcome of this case will be closely watched by financial institutions, regulators, and the wider public as an indicator of Nigeria’s capacity to tackle organised financial crime and protect the integrity of its financial systems.
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