The Economic and Financial Crimes Commission has commenced an investigation into a suspect, Usaini Ibrahim, who was arrested in Kano with counterfeit United States currency valued at $212,200.

According to a post obtained from EFCC’s X handle on Thursday, Ibrahim was arrested on September 3, 2026, by operatives of the National Drug Law Enforcement Agency (NDLEA) along Maiduguri Road in Kano after the counterfeit currency was discovered.

The NDLEA subsequently handed over the suspect and the fake currency to the EFCC for further investigation and possible prosecution.

The formal handover took place at the EFCC Kano Zonal Directorate, where the Acting Zonal Director, Assistant Commander of the EFCC, ACE1 Friday S. Ebelo, received the suspect and the exhibits.

A representative of the NDLEA, Deputy Superintendent of Narcotics Yahaya Labaran, expressed appreciation for the continued collaboration between both agencies in efforts to protect 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 “money doubling” scams, which often involve counterfeit currency being used to defraud unsuspecting victims.

“Such fake currencies coming into the economy do not paint a good picture of us,” Ebelo said.

He urged members of the public to remain vigilant and avoid individuals offering to double money or promising quick financial returns through questionable schemes.

According to the EFCC, Ibrahim remains in its custody and will be arraigned in court after investigations are concluded.

The commission said its investigation would establish the circumstances surrounding the counterfeit currency and determine whether other offences or individuals are connected to the case. (The PUNCH)