EXCLUSIVE: Police Arrest Five Notorious Fake Money Printing Syndicate

...Recover 100M fake currencies, equipment

By Chiemelie Ezeobi
The Special Anti Robbery Squad (SARS) of the Lagos State Police Command has arrested five gang members of a notorious fake money printing syndicate in the Ikorodu area of the state who specialise in printing and selling of the fake currencies.

In a raid carried out by SARS led by the Officer-in-Charge, SP Abba Kyari, the police recovered over N100M fake currencies in different denominations including Dollars, Euro, Ghana Ceddis, Francs, Gambian, Sierra Leonen and Liberian dollars. 

The suspects were identified as 42 year-old Akeem Ayodabo; the kingpin, Femi Jacobs, Isaka Usman, Ramon Adeoye and Onyeka Ibe.

When the police raided the suspect's hideouts at no 6 Ogulana Street, Alagbado, and 32 Benson Street, Ikorodu, over 22 printing machines, one cutting machine and over N100M fake currencies were recovered.

THISDAY gathered that syndicate had spread it tentacles to virtually all the countries in West Africa including Ghana, Sierra Leone, Republic of Benin, Mali, Togo, Liberia and The Gambia as they customers from those countries.

Confirming the incident, the state Commissioner of Police, Umar Manko said the arrests was made possible due to intelligence gathering by his men, adding that the police will work with Interpol to get the distributors from foreign countries. 

He said, "Upon information received by the OC SARS, SP Abba Kyari, that a syndicate which specialises in printing different fake notes of various denominations both in local and foreign currencies was operating the state, an intense surveillance began.

"The surveillance yielded fruit with the arrest of one Femi Jacob and Ramon Adeoye. The police recovered eight printing machines  and large quantity of fake notes both in local and foreign currencies to the tune of N8m.

"Upon interrogation, they made confessional statements which led to the arrest of Isaka Usman and Akeem Ayobado at Ikorodu where 100M fake notes in both local and fake currencies were recovered. "

He added, "The police also recovered 14 printing machines, one cutting machine in the three- bedroom flat rented by one of the suspects; Akeem purposely for printing fake currencies."

Manko disclosed that the police has extended it's dragnet to ensure that all the network of distributors and dealers would be arrested and brought to book.

He said, "For now, we have not been able to get all those involved but investigations are ongoing and soon our dragnet will enclose both their local and foreign partners and distributors."

Speaking with THISDAY, one of the distributors, Ibe admitted to his part in the syndicate although he claimed he was yet to make tons of money from the illicit business.

THISDAY however gathered that Ibe was one of the distributors although he resides in Imo State. It was gathered that the computer and phone accessories seller  usually buys the fake notes and mixes it with original note when purchasing goods for his shop.

He said, "I just joined them last year but I don't print the money with them. I just buy the fake notes whenever I come to Lagos to buy goods for my shop. I mix the fake money with the original and buy goods worth thousands of naira."

He was however arrested by the police after he had placed an order of N700,000 worth of fake notes  and travelled from the east to come pick it up not knowing that Akeem was already in police net.

The kingpin Akeem told THISDAY that although the business was not lucrative he was forced to continue in order to make ends meet and enable him carter for his family of six.