Operatives of the Assistant Inspector General of Police (AIG) Zone 2, Onikan, have recovered fake 300 million CFA, nine million naira and some dollars in a major dismantling of a counterfeit currency syndicate.

Of the 300 million CFA, 180 million, the police said were counterfeited Cameroonian CFA in 10,000 notes denomination.

Arrested during the operation were Olamilekan Oludare, 50, his wife, Oluwayemisi Olidare, 46, a printer, Adeniyi Quadri, 35,  and an ex-serviceman,  Johnson Ilelabayo, 62.

The gang was smashed following credible intelligence received by the AIG Zone 2 on their activities at Oluwole in Lagos Island.

Quadri, the police said, specialised in printing security features on the fake notes of different currencies which he supplied to his allies.

Parading the suspects yesterday, the zonal command said Quadri was the first to be apprehended on February 3, at his hideout at 11 Alof Street, Lagos Island.

A printing machine he used and a cash sum of N300 million CFA, and nine million naira were recovered from his hideout, the police said.

They said the couple usually collected the fake notes from one Uche, currently at large and sent to the printer for the security features before moving the fake notes to one Colonel based in Cameroon.

The agency said Ilelabayo also took counterfeit notes from one Alfa who’s now late, and passed them to Quadri for fixing/printing of the security threads after which he sold them to one Alidu, also deceased.

Alidu, the police said, disbursed the fake money to some Bureau De Change (BDC) operators in Agege, Lagos.

“Adeniyi Quadri confessed to have been in the business of currency counterfeiting for over three years and also named his cohorts whom he supplied to for circulation.


“The arrested couple also confessed to the crime which led to the arrest of one Ilelabayo Johnson, ex-military personnel resident 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 are intensified to apprehend fleeing members,” said AIG Olatoye Durusimi, yesterday.

Admitting to the crime, the couple said they have been doing it since 2019, adding that it was a family friend of theirs who introduced the husband to the business.

Oludare said he brought his wife in to assist him, adding that she didn’t know what it was all about until two years ago.

He said he usually sent her to pick up the notes from Quadri, claiming he never sold nor used the fake notes for transactions in the country.

But Oluwayemisi denied knowing it was fake notes, adding that her husband never told her what he was doing.

She said she was just helping him out, adding that he usually gave her money to make transfers for people since she did POS business.

Ilelabayo on the other hand, said it was greed that led him into the illegal business, noting that he usually made N50,000 profit each turnover.

He said: “It was one Mallam that introduced me. He is late now. I first invested N90,000 and got N50,000 profit. So, each time I completed the movement, he usually paid me N50,000.

“It was just a longer throat that led me to this. I shouldn’t have been here because I have my farm and other things I do.”



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