Five in Police net over N108m fake currency.

The Lagos Police Command has paraded a five-man syndicate of counterfeiters who specialize in printing fake monies in different denomination and currencies. They suspects identified as Femi Jacobs 28-years old, Ramon Adeoye (31),Akeem Ayodabo (42) , Isaka Usman (38) and Onyeka Ibe (37) were paraded alongside eight printing machines and a large quantity of printed fake notes in Naira, Dollars, Pounds, Euros and Cedis totaling N108m. The Commissioner of Police, Mr. Umar Manko, said during the parade that the 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.”

Disclosing how the suspects were arrested, Manko said acting upon a tip off, officers of Special Anti Robbery Squad led by SP Abba Kyari, mounted a surveillance operation on the residence of one of the suspects, Femi Jacobs, located at 6.Ogunlana Street, Alagbado a suburb in Lagos State and caught the group printing fake notes of various denomination in local and foreign currencies with eight printing machines. Jacobs who is described as the leader of the gang confessed during the parade that he had been in the business for over a year. “I was working with a printing press before I joined the business,” the father of two said. Onyeka who said he came all the way from Imo State to buy fake currency said he uses the fake monies to purchase from the group to buy computers and phones which he usually sells. Another of the suspect, Ramon, said he used to be a meat seller but joined the gang after being duped of N8, 700. Manko,told goodnameafrica that the police was yet to establish link with their major marketers. “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,” he said. The CP said the cutting machine was owned by Ayodabo and procured from the Republic of Benin The suspects who claimed some of their customers come all the way Abuja, Republic of Benin, Ghana, Mali, Togo, Liberia and Sierra Leone said they usually sell fake N100,000 for N5,000; a wrap of fake $100 dollars was sold at N3,000, Euro for N3,000,while Pounds Sterling went for N4,000.