By Akinsuroju Olubunmi
Crackdown on counterfeit currency Ring: Couple and retired colonel arrested in Lagos
A syndicate specializing in the production of fake Nigerian and Cameroonian currencies has been dismantled by the Zone 2 Command in Lagos, resulting in the seizure of counterfeit cash amounting to N9 million and 300 million CFA francs.
Four suspects, including a couple identified as Mr. Oludare Olamilekan, 50, and his wife Oluwayemisi, 46, as well as Ilelabayo Johnson, 62, claiming to be a retired Colonel, and Adeniyi Quadri, 35, were apprehended and paraded before journalists at the Zone 2 Command in Onikan, Lagos, by Assistant Inspector-General of Police, AIG Olatoye Durosinmi.
According to AIG Durosinmi, the arrests followed intelligence indicating the location of one of the suspects, Quadri, who allegedly printed and distributed counterfeit currencies to other members of the syndicate.
A team from the Zonal Monitoring Unit, led by DSP Adeyemi Akeem, conducted discreet investigations, leading to the raid of Adeniyi Quadri’s hideout on February 3, 2024, at 11 Alof Street, Lagos Island. During the operation, Quadri was apprehended, and a printing machine used for counterfeiting currencies, along with Three Hundred Million CFA francs and Nine Million Naira in suspected counterfeit notes, were seized.
Quadri confessed to engaging in currency counterfeiting for over three years and implicated other members of the syndicate. Subsequently, Oludare Olamilekan and Oluwayemisi were arrested, followed by the apprehension of Ilelabayo Johnson, an ex-military personnel residing at 3 Ilelabayo Close, Isoto via Ajasa Compound, Lagos State. Counterfeit local and foreign currencies were recovered from Johnson’s premises.
During interrogation, Quadri revealed details of his involvement, disclosing that he received payments for printing fake N1,000 notes. Olamilekan admitted ownership of the counterfeit N9 million found in their possession, acknowledging their distribution through Bureau De Change operators and POS services.
Counterfeit Currency, Arrest