Police arrest retired colonel, others for allegedly printing fake currencies

Lagos Police Command has successfully dismantled a syndicate specializing in the production and distribution of fake Nigerian and Cameroonian currencies.

The operation led to the arrest of four suspected members, including a retired colonel, and the recovery of substantial amounts of fake money.

According to a report by Vanguard, the suspects were identified as Oludare Olamilekan, aged 50, and his wife Oluwayemisi, aged 46, along with Ilelabayo Johnson, aged 62, who claimed to be a retired Colonel, and Adeniyi Quadri, aged 35.

They were paraded before journalists at the Zone 2 Command Onikan, Lagos, by Assistant Inspector-General of Police, AIG Olatoye Durosinmi.

The arrests came following an intelligence report that led authorities to the hideout of Adeniyi Quadri, who was allegedly involved in printing and supplying counterfeit currencies to other members of the syndicate.

The Zonal Monitoring Unit, under the leadership of DSP Adeyemi Akeem, conducted a discreet investigation which culminated in the operation.

On February 3, 2024, Quadri was arreasted at his residence on Alof Street, Lagos Island, where a printing machine used for counterfeiting various currencies was discovered.

The authorities seized 300,000 million CFA and N9 million, suspected to be counterfeit, from Quadri’s possession.

‘’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 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 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,” the police said.

During interrogation, Quadri confessed to engaging in currency counterfeiting for over three years, revealing that he was paid N10,000 to print 1000 pieces of fake N1,000 notes.

“I am paid N10,000 to print 1000 pieces of fake N1,000 notes. 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 a year. Aside, printing fake notes, I do other printing jobs but my biggest client is Olamilekan” Quadri confessed.

Olamilekan admitted ownership of the fake N9 million found in their possession and disclosed that they distributed the fake currencies to Bureau De Change operators, while his wife, a POS operator, dispensed counterfeit naira notes to unsuspecting customers.

“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.” he said.

The investigation further led to the arrest of Ilelabayo Johnson, an ex-military personnel residing at Isoto via Ajasa Compound, Lagos State.