More desperate, young men chose a criminal trade by creating an annex of "Nigerian minting and printing" factory at their home in Lagos, The suspects, Femi Jacob, Ramon Adeoye, Isaka Usman and Akeem Ayobado were all arrested by the Lagos State Police Command for printing Fake local and international currencies, they were nabbed with Naira, Dollars, Pounds, Euros and Cedis totalling N8m.
Exhibits found at the scene include 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 Police got a tip-off about the operations of the syndicate some weeks ago and mounted surveillance at Jacob’s Alagbado residence. It was Jacob’s confessional statement after his arrest that led to the arrest of Ayodabo who is said to be the leader of the syndicate. The cutting machine was owned by Ayodabo and procured from the Republic of Benin
One of the suspects, Ibe said, “I often come down to Oluwole Street in Lagos Island. That is where Ayodabo has his shop. I would spend N5,000 to get currency worth N100,000. I usually buy currency worth between N500,000 and N700,000.”
The fake notes which were on display during the parade looked real enough to have kept the syndicate in business for five years with customers spread across the continent.