Tuesday, 29 January 2013


Five men who specialized in printing fake local and foreign currencies were on Monday arrested by the Lagos State Police Command. Femi Jacob and Ramon Adeoye, who are two of the suspects were arrested at Ogunlana Street, Alagbado with eight printing machines and large quantity of printed fake notes in Naira, Dollars, Pounds, Euros and Cedi totaling N8 million. Two other suspects, Isaka Usman and Akeem Ayobado were also apprehended at Ikorodu with 14 printing machines, one cutting machine and N100 million fake notes. Onyeka Ibe who is the fifth suspect who was said to base in Anambra, usually comes to Lagos to buy fake currencies. Lagos State Commissioner of Police, Mr. Umar Manko, said, “This syndicate has been in operation for over five years. Their customers are spread across several African countries like Republic of Benin, Mali, Ghana, Togo, Liberia and Sierra Leone. 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 worth N100,000. I usually buy currency worth between N500,000 and N700,000”.

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