Lagos Woman Arrested For Distributing Fake Currency Through POS Business, Video Emerges

Lagos Woman Arrested For Distributing Fake Currency Through POS Business, Video Emerges

  • A couple, Olamilekan and Oluwayemisi Oludare have been arrested by the police for allegedly distributing counterfeit currencies
  • Olamilekan said they sell the fake foreign currencies to Bureau De Change operators while his wife distributes the fake naira notes to customers through her POS business
  • 35-year-old Adeniyi Quadri confessed to printing the fake currencies for Olamilekan for the sum of N50,000 journalist Adekunle Dada has over 5 years of experience covering metro and government policy

Lagos state - A 46-year-old woman, Oluwayemisi Oludare has been arrested for allegedly distributing counterfeit currencies, through a Point of Sale (POS) business in Lagos state.

As reported by The Nation, Oluwayemisi disclosed that she got the fake currencies from her husband, Olamilekan to distribute inside the Oluwole market in Lagos.

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Woman arrested for allegedly distributing fake money
Police arrest couple, others for distributing fake money Photo credit: Nigeria Police Force
Source: Facebook

The couple alongside retired Colonel, Ilelabayo Johnson, and a 35-year-old Adeniyi Quadri were arrested by the Zone 2 Command in Onikan, Lagos.

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The suspects were said to have been distributing the fake currencies to Bureau De Change operators both in Nigeria and Cameroun and through POS services in Nigeria,

According to Vanguard, Olamilekan confessed that he was the owner of the fake N9 million that was found on them by the police.

“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.”

Assistant inspector-general of Police, AIG Olatoye Durosinmi, told newsmen that the Zonal Monitoring Unit invaded the hideout of Quadri where three hundred million CFA and nine million Naira, all suspected to be counterfeit, were recovered in his possession.

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Durosinmi added that the couple’s confession led to the arrest of ex-military personnel and suspected counterfeit local and foreign currencies were recovered in his possession.

During interrogation, Quadri said:

“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 in a year.”

CBN warns as fake naira notes circulate

Meanwhile, reported that the Central Bank of Nigeria (CBN) warned individuals involved in the circulation of counterfeit banknotes to desist from the criminal act or face prison time.

The apex bank noted that counterfeit banknotes are being circulated in the food markets and other commercial centres across major cities in the country.

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Sidi Ali, the CBN's Acting Director for Corporate Communications, in a statement on Friday, December 8, 2023, cited Section 20(4) of the CBN Act (2007) as amended as punishment for the offence.


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