A Syndicate which specialized in printing fake Nigerian and Cameroonian currencies has been smashed by the Zone 2 Command, with the recovery of fake N9 million and 300 million CFA notes in Lagos.

Consequesntly, four suspected members of the syndicate among who are a couple:Mr Oludare Olamilekan, 50; his wife Oluwayemisi, 46; Ilelabayo Johnson, 62, who identified himself as a retired Colonel and Adeniyi Quadri, 35.

The Suspects who were paraded before journalists yesterday, at the Zone 2 Command Onikan, Lagos, by the Assistant Inspector- General of Police , AIG Olatoye Durosinmi, were discovered to have been distributing the fake currencies to Bureau De Change operators both in Nigeria and Cameroun and through POS services in Nigeria..

AIG Durosinmi disclosed that the arrests were made following intelligence report about the hideout of one of the suspects, Quadri, who allegedly printed and supplied the fake currencies to other members of the syndicate.

Consequently, he said the Zonal Monitoring Unit, headed by DSP. Adeyemi Akeem was derailed to carry out discrete investigation.

According to him: The team swung into action and on February 3, 2024,the hideout of one Adeniyi Quadri of 11 Alof street, Lagos Island, was invaded where he was arrested and a printing machine he uses in printing security threads on all sorts of counterfeited currencies, with a cash sum of Three Hundred Million CFA and Nine Million Naira, all suspected to be counterfeit, were recovered in his possession.

“Adeniyi Quadri confessed to have been in the business of currency counterfeiting for over three years , he also named his cohort who he supplies for circulation.

“His confession led to the arrest of Oludare Oluwayemisi and Oludare Olamilekan who are couple and partners in the crime.

” The arrested couple also confessed to the crime which led to the arrest of one Ilelabayo Johnson , an ex-Military personnel who resides 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 have been intensified to apprehend other fleeing members”, he stated.

During interrogation, Quadri, revealed that he was paid N10,000 to print N1 million fake N1,000 notes.

He said “I am paid N10,000 to print 1000 pieces of fake N1,000 note. Already, I have printed about N9 million before my arrest.. I was paid N50,000 to do the job.

“I was introduced into the business by Olamilekan Oludare, about five years ago. He comes to me four times in a year. Aside, printing fake notes, I do other printing jobs but my biggest client is Olamilekan” Quadri confessed.

On his part, Olamilekan admitted being the owner of the fake N9 million that was found on them by the police.

He said, ” We sell sell some of the fake foreign currencies to Bureau De Change operators while my wife who is a POS operator gives out some of the fake naira notes to customers”