A syndicate of international fraudsters who specialise in the production of fake Nigeria currencies and circulating them within and around Borno state were recently arrested by the police in Maiduguri, the state capital.
According to one of the arrested fake currency kingpins in Borno, Adam Ajid, the counterfeits were produced in Cameroon and smuggled into Nigeria.
The suspect said a bundle of 100 notes of fake N1000 costs N11000 while he sells them to fraudsters at the cost of N16000.
Borno state police commissioner, Aderemi Opadokun, said the suspect and other fraudsters arrested at different occasions were nabbed after tip-off from informants. Mr. Opadokun said the arrested fraudster was found with N4.5 million worth of fake currency all in crispy N1000 notes.
“Following a tip off, our Special Anti Robbery Squad, personnel arrested the suspect on 14/07/2015 with bundles of one thousand naira notes in three different serial numbers to the tune of N4, 515, 000.00k strongly suspected to be fake,” the Commissioner said.
He also mentioned that the suspect’s supplier, who is alleged to be from Cameroun Republic, is being trailed.
Mr. Ajid said he became an agent for his suppliers after becoming bankrupt in his business due to the ongoing Boko Haram insurgency.
“I am an electronic merchant, buying wholesales from Alaba market and selling in Cameroon,” said the suspect. “It was when my business went down that I decided to join the business of fake money sales. I was introduced into it by one Mallam Abdullahi who is a Cameroonian that I knew during my business trips to Cameroon. And since after then, he used to sell a bundle of N1000 note to me at the rate of N11,000 and I sell them to known fraudsters at the rate of N16,000,″ he said.