The Economic and Financial Crimes Commission has commenced an investigation into a suspect, Usaini Ibrahim, following his arrest in Kano with suspected counterfeit United States currency valued at $212,200.
According to the EFCC, Ibrahim was arrested on September 3, 2026, by operatives of the National Drug Law Enforcement Agency along Maiduguri Road in Kano after the suspected fake currency was discovered in his possession.
The NDLEA subsequently handed over the suspect and the exhibits to the EFCC for further investigation and possible prosecution.
The formal handover took place at the EFCC’s Kano Zonal Directorate, where the Acting Zonal Director, Assistant Commander of the EFCC, ACE1 Friday S. Ebelo, received Ibrahim and the currency.
A representative of the NDLEA, Deputy Superintendent of Narcotics Yahaya Labaran, commended the cooperation between the two agencies, describing inter-agency collaboration as important to efforts aimed at protecting Nigeria’s financial system.
Receiving the suspect, Ebelo reaffirmed the EFCC’s commitment to tackling the circulation of counterfeit currencies and other financial crimes.
He also warned members of the public against so-called “money doubling” schemes, which he said are often used by fraudsters to introduce fake currency and deceive unsuspecting victims.
“Such fake currencies coming into the economy do not paint a good picture of us,” Ebelo said.
He urged Nigerians to remain vigilant and avoid individuals who promise to double money or offer unusually quick financial returns through questionable arrangements.
The EFCC said Ibrahim remains in its custody while investigations continue.
According to the Commission, the investigation is expected to establish the circumstances surrounding the alleged counterfeit currency, including its source, intended destination and whether other persons or offences are connected to the case.
The EFCC added that the suspect would be arraigned in court upon the conclusion of investigations if sufficient evidence is established.
The allegations against Ibrahim have not yet been determined by a court.
