Daud Olatunji
The Economic and Financial Crimes Commission has commenced investigations into a Kano-based suspect, Usaini Ibrahim, following his arrest over an alleged possession of counterfeit United States currency worth $212,200.
The suspect was arrested on September 3, 2026, by operatives of the National Drug Law Enforcement Agency along Maiduguri Road in Kano, where the suspected fake currency was reportedly discovered.
The NDLEA subsequently transferred Ibrahim and the recovered exhibits to the EFCC Kano Zonal Directorate for further investigation and possible prosecution.
The development was disclosed by the EFCC in a statement posted on its official X account on Thursday.
The formal handover was conducted at the commission’s Kano office, where the Acting Zonal Director, Assistant Commander of the EFCC, ACE1 Friday S. Ebelo, received the suspect and the suspected counterfeit currency.
A representative of the NDLEA, Deputy Superintendent of Narcotics Yahaya Labaran, described the handover as part of the continued collaboration between the two agencies in combating offences capable of undermining Nigeria’s financial system.
Receiving the suspect, Ebelo said the EFCC would investigate the circumstances surrounding the alleged counterfeit currency and determine whether other individuals or offences were connected to the case.
He also warned members of the public against falling victim to so-called money-doubling schemes, which, according to the commission, are sometimes linked to the circulation of counterfeit currencies.
“Such fake currencies coming into the economy do not paint a good picture of us,” Ebelo said.
He urged members of the public to exercise caution and avoid individuals who promise to multiply money or offer unusually quick financial returns through questionable schemes.
The EFCC said Ibrahim remained in its custody while investigations continued.
According to the commission, the suspect would be arraigned before a court after the conclusion of investigations.
The agency said the investigation would establish how the suspected counterfeit dollars came into Ibrahim’s possession and determine whether other persons or offences were involved.
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