Retired Colonel, Couple Arrested For Printing & Distribution Of Fake Currencies

Police operatives from the Zone 2 Command, Onikan, have uncovered and arrested members of a syndicate that specialized in printing fake Nigerian and Cameroonian currencies in millions and distributing same through POS and Bureau De change in Lagos State.

P.M.EXPRESS reports that so far, the Police have recovered fake N9 million and 300 million CFA notes as exhibits while some of the suspects were as well arrested.

The suspects included a 62-year old retired Colonel, Johnson Ilelabayo and a couple, Oludare Olamilekan, 50; his wife Oluwayemisi, 46; and one Adeniyi Quadri, 35.

This was disclosed by the Assistant Inspector General of Police, AIG Olatoye Durosinmi as they were paraded at the Zone 2 Command, Onikan, Lagos.

AIG Durosinmi explained that their 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.

The suspects 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.

“Consequently, the Zonal Monitoring Unit, headed by DSP Adeyemi Akeem, was detailed to carry out discrete investigation. The team swung into action and on 3rd February, 2024, the hideout of one Adeniyi Quadri of 11 Alof Street, Lagos Island, was invaded where he was arrested and a printing machine he used 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 and he also named his cohort who he supplies for circulation.”

“His confession led to the arrest of Oludare Oluwayemisi and Oludare Olamilekan, a 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 No. 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 was 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 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”.

The suspects will be charged before the Court for the alleged offence, which attracts several years of imprisonment but that will be after the conclusion of investigations by the Police.