The Lagos State Police Command on Monday, paraded five men for printing local and foreign currencies.Twoof the suspects, Femi Jacob and Ramon Adeoye,were arrested at Ogunlana Street, Alagbado with eight printing machines and alarge quantity of printed fake notes in Naira, Dollars, Pounds, Euros and Cedis totalling N8m while Isaka Usman and Akeem Ayobado, were nabbed at Ikorodu with 14printing machines, one cutting machineand N100m fake notes. The fifth suspect, Onyeka Ibe, was allegedly an Anambra-based buyer, who usually comes to Lagosto buy fake currencies.
The state Command’s Commissioner of Police, Mr. Umar Manko, said, “This syndicate has been in operation for over five years. Their customers are spread across several Africancountries like the Republic of Benin, Mali, Ghana, Togo, Liberia and Sierra Leone.
“The Officer-in-Charge of SARS, Superintendentof Police Abba Kyari, got a tip-off about the operations of the syndicate someweeks ago andmounted surveillance at Jacob’s Alagbado residence. It was Jacob’s confessional statement afterhis arrest that led to the arrest of Ayodabo who isthe leader of the syndicate.
“This case will eventually be handed over tooperatives of Interpol because of the negative implications thefake currenciesoutflow might have had on the economies of the West African countries.”
The CP stated that the cuttingmachine was owned by Ayodabo and procured from the Republic of Benin
One of the suspects, Ibe said, “I often come down to Oluwole Street in Lagos Island.That is where Ayodabo has his shop. I would spend N5,000 to get currency worthN100,000. I usually buy currency worthbetween N500,000 and N700,000.”
During the parade of the suspects, who have been in business for five years withcustomers spread across the continent, the fake notes were also displayed.
Adeoye, who said he was arrested at Iyana Ipaja, said, “I am justan errand boy,my duty was todeliver fake currencies to buyers. I was on my way to deliver fake notes worth N700,000 to one Ibrahim when I was arrested.”