The police in Maiduguri have smashed an International syndicate specialized in the production of fake Nigeria currencies. The fraudsters circulate these currencies within and around Borno State. The police confirmed that the fraudsters were arrested at different occasions after tip-off from informants. The according to one of the fraudsters the counterfeits were produced in Cameroon and smuggled into Nigeria. A bundle of 100 notes of fake N1000 costs N11000 while he sells them to fraudsters at the cost of N16000.
According to an official statement by the Borno Police Command:
"Borno state police has recently embarked on proactive measures of anti-crime patrol and intelligence gathering that paid off with the arrest of a notorious fake currency dealer in the person of one Adam Ajid who lives here in Fulatari Ward, Maiduguri, who is known for defrauding members of the public with fake currency. 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," said the Borno CP. Mr. Opadokun said 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″.