On Monday, the Lagos State Police arrested five suspects for possessing fake currencies as well as money printing and cutting machines. The suspects, Femi Jacob, Ramon Adeoye, Isaka Usman and Akeem Ayobado were arrested at different locations following a tip off.

Two of the suspects were apprehended at Alagbado. At their hideout, they were found with eight printing machines as well as fake notes, Naira, Dollars, Pounds, Cedis, Euros, summing up to N8,000,000 in total. Two of the suspects were arrested at Ikorodu; they also had N100,000,000 fake money, 14 printing machines and 1 cutting machine in their possession. The last suspect, Onyeka Ibe is a dealer from Anambra State who usually purchases the fake currencies from the other four, he was equally apprehended due to a tip off.

According to a statement by the Lagos State Commissioner of Police, Mr Umar Manko, “This syndicate has been in operation for over five years. Their customers are spread across several African countries like the Republic of Benin, Mali, Ghana, Togo, Liberia and Sierra Leone.”

“The Officer-in-Charge of SARS, Superintendent of Police Abba Kyari, got a tip-off about the operations of the syndicate some weeks ago and mounted surveillance at Jacob’s Alagbado residence.  It was Jacob’s confessional statement after his arrest that led to the arrest of Ayodabo who is the leader of the syndicate.”

“This case will eventually be handed over to operatives of Interpol because of the negative implications the fake currencies outflow might have had on the economies of the West African countries.”