Five men arrested with N108m fake currencies

Men of the Lagos State Police Command on Monday had paraded five men who specialised in printing fake local and foreign currencies.
Parading the suspects before newsmen at the command headquarters, Ikeja, Umar Manko, Lagos State Commissioner of Police (CP) disclosed that the men were arrested by detectives attached to the Special Anti-Robbery Squad (SARS), led by Abba Kyari, a Superintendent of Police (SP), following a tip-off.
Two of the suspects, Femi Jacob and Ramon Adeoye, were arrested at Ogunlana Street, Alagbado with eight printing machines and a large quantity of fake Naira notes, Dollars, Pounds, Euros and Cedis totalling N8m.
Isaka Usman and Akeem Ayobado were nabbed at Ikorodu area with 14 printing machines, one cutting machine and N100m fake notes. The fifth suspect, Onyeka Ibe, was alleged to ba an Anambra-based buyer, usually travels to Lagos to buy fake currencies.
Mr. Umar Manko, said, “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.”
According to 37-year-old Onyeka Ibe, who hails from Mbaise, Imo State why confessing to the crime 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 worth N100,000. I usually buy currency worth between N500,000 and N700,000.”
Adeoye who claimed he was arrested 2 weeks ago at Iyana Ipaja said, “I am just an errand boy, my duty was to deliver fake currencies to buyers. I was on my way to deliver fake notes worth N700,000 to one Ibrahim when I was arrested.”