Funny Money: Five arrested with N108m fake currencies...

Five men were on Monday paraded by the Lagos State Police Command for printing local and foreign currencies.

Two of the suspects, Femi Jacob and Ramon Adeoye, were arrested at Ogunlana Street, Alagbado with eight printing machines and a large quantity of printed fake notes in Naira, Dollars, Pounds, Euros and Cedis totalling N8m.

Isaka Usman and Akeem Ayobado were also arrested at Ikorodu with 14 printing machines, one cutting machine and N100m fake notes. The fifth suspect, Onyeka Ibe, was allegedly an Anambra-based buyer, who usually comes to Lagos to buy fake currencies.

The state Command’s Commissioner of Police, Mr. Umar Manko, said, “This syndicate has been in operation for over five years. Their customers are spread across several African countries like the Republic of Benin, Mali, Ghana, Togo, Liberia and Sierra Leone.