The Zone 2 Command has dismantled a syndicate specializing in the production of counterfeit Nigerian and Cameroonian currencies, seizing fake N9 million and 300 million CFA notes in Lagos.
Following the operation, four individuals suspected to be associated with the syndicate have been apprehended, including a couple: Mr. Oludare Olamilekan, 50, and his wife, Oluwayemisi, 46; as well as Ilelabayo Johnson, 62, who claimed to be a retired Colonel, and Adeniyi Quadri, 35.
At a press briefing held yesterday at the Zone 2 Command Onikan, Lagos, the suspects were paraded before journalists by Assistant Inspector-General of Police, AIG Olatoye Durosinmi, revealing their involvement in distributing the counterfeit currencies to Bureau De Change operators in both Nigeria and Cameroon, as well as through POS services in Nigeria.
AIG Durosinmi disclosed that the apprehensions were prompted by intelligence suggesting the hideout of one of the suspects, Quadri, who was allegedly responsible for printing and providing the counterfeit currencies to other syndicate members.
As a result, he said the Zonal Monitoring Unit, headed by DSP. Adeyemi Akeem was derailed to carry out discrete investigation.
According to him: The team swung into action and on February 3, 2024,the hideout of one Adeniyi Quadri of 11 Alof street, Lagos Island, was invaded where he was arrested and a printing machine he uses in printing security threads on all sorts of counterfeited currencies, with a cash sum of Three Hundred Million CFA and Nine Million Naira, all suspected to be counterfeit, were recovered in his possession.
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“Adeniyi Quadri confessed to have been in the business of currency counterfeiting for over three years , he also named his cohort who he supplies for circulation.
“His confession led to the arrest of Oludare Oluwayemisi and Oludare Olamilekan who are couple and partners in the crime.
”The arrested couple also confessed to the crime which led to the arrest of one Ilelabayo Johnson , an ex-Military personnel who resides at 3 Ilelabayo close, Isoto via Ajasa Compound, Lagos State.
“During his arrest, his house and premises were searched and some suspected counterfeit local and foreign currencies were recovered in his possession.
”All the arrested suspects confessed to various roles in the process of committing this offence. Efforts have been intensified to apprehend other fleeing members”, he stated.
Upon questioning, Quadri admitted that he had been paid N10,000 to print N1 million fake N1,000 notes.
He said “I am paid N10,000 to print 1000 pieces of fake N1,000 note. Already, I have printed about N9 million before my arrest.. I was paid N50,000 to do the job.
“I was introduced into the business by Olamilekan Oludare, about five years ago. He comes to me four times in a year. Aside, printing fake notes, I do other printing jobs but my biggest client is Olamilekan,” Quadri confessed.
Meanwhile, Olamilekan confessed to being the owner of the counterfeit N9 million discovered in their possession by the police.
He mentioned that they sold some of the fake foreign currencies to Bureau De Change operators, and his wife, who works as a POS operator, distributed some of the counterfeit naira notes to customers.