In Nigeria, it is against the law for any individual or establishment outside the Central Bank of Nigeria, to print money or be in possession of counterfeit notes.
The Nigeria Security and Civil Defence Corps (NSCDC) has arrested a notorious syndicate which deals in printing, sales, and distribution of fake US Dollar notes in Nigeria.
This was confirmed in a statement released by the Director Public Relations, NSCDC, Olusola Odumosu, on Monday in Abuja, stating that the suspects were arrested by the Commandant General’s Special Intelligence Squad (CG’s SIS) while acting on credible intelligence.
He claimed that, prior to the arrest, the syndicate had been operating for 10 years near Mararaba under a bridge, by Heart Plaza, in the Karu Local Government district of Nasarawa State.
In Nigeria, it is against the law for any individual or establishment outside the Central Bank of Nigeria, to print money or be in possession of counterfeit notes.
Suspects caught and convicted face up to five (5) years imprisonment with no option of a fine.
According to the report, the suspects had defrauded and conned numerous people out of millions of naira while posing as black market traders who exchange Nigerian naira for US dollars and then give their unwary victims fake dollar bills.
Odumosu said: “In a clandestine operation carried out by the CG’S SIS Squad, the suspects were smoked out of their hideout and subsequently arrested using the sum of N250,000 to disguise in exchange for US dollars.
“Two members of the syndicate arrested were found in possession of a total of $15,400 fake US Dollars, they are; Ya’u Muhammed ‘M’, 65 years old, from Bauchi State, Warji LGA and Lamido Usman ‘M’ age 29yrs, from Taraba State, La’u LGA.
“Other items recovered from the suspects include One (1) First Bank ATM card, One (1), screwdriver, and an original $100 dollar note.”
“The suspects are currently undergoing preliminary investigation after which they would be handed over alongside the exhibits to NSCDC Nasarawa State Command under whose jurisdiction the arrest took place for further action,” he stated.
SaharaReporters had also reported how the Economic and Financial Crimes Commission, EFCC, arrested two suspected currency counterfeiters, identified as Johnson Olumoyegun and Tanko Abubakar.
The duo were arrested in Abuja.