Olufokunbi defrauded the banker to the tune of N2.5m after he asked him to pay for a ‘special soap.’
The Police Public Relations Officer, PPRO, SP Dolapo Badmos, on Tuesday paraded the suspect before newsmen at the command headquarters in Ikeja.
She said the suspect would be arraigned in court at the end of investigation.
Badmos advised members of the public to be wary of those they transacted business with.
“We are still hunting for the fleeing members of the syndicate and at the end, we will make them face justice,” the PPRO added.
In his confession, the herbalist said he told Lekan, who worked in one of the banks on the Victoria Island, that the soap, when kept in a box for two days, would produce a lot of money.
The money magic reportedly failed, leading to a petition to the state Police Command Rapid Response Squad, RRS, in February 2016.
Officials of the Command were said to have trailed and arrested Olufokunbi in Ijebu Ode, Ogun State.
Olufokunbi said he was initially selling herbs to Lekan before the banker told him to perform money ritual for him.
“I have known Lekan for a long time and he is my customer. He was initially patronising me for herbs for his ailment but he later approached me for money ritual, saying the money he was making as a banker was not enough for him. I said I could do it if he could give me N2.5m.
“He brought the money and I gave him a bar of soap. I told him to keep the soap in a box for two days, after which he should check the box and he would see a lot of money.
“He did that, but it failed, he then reported me to the police, who arrested me,” the suspect added, noting that he had been into the job since 2011.
“I don’t work alone, I have members. I got N500, 000 from the money the victim paid, while the rest of the money was shared among the group members.
“I was initiated into this job by my brother. My ex-wife, whom I divorced after a disagreement, is not aware I am doing this.
“I was doing this because after I finished studying Business Administration in 2002 in a polytechnic in Oyo State, I couldn’t get any good job,” the herbalist stated.
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