According to Mr Odumosu, the first group consisting of four men, was arrested in possession of fake 64,800 dollars and N475,000. The second group of five men was found to have counterfeit notes of N1.5 million, with N784,500 being counterfeit new Naira notes and N49,650 being old Naira notes.
The suspects were arrested from locations in Plateau by the Commandant General, Special Intelligence Squad, between February 22 and March 8. The first syndicate was nabbed following an intelligence report on their way to deliver the fake notes to a client in Nasarawa state.
The NSCDC Director stated that the suspects have made confessions about their involvement, and the corps is carrying out further investigations as the arrested suspects assist in the manhunt of other fleeing syndicate members.
Further investigations revealed that the syndicates had operated in Plateau, Nasarawa, Bauchi, and Gombe axis for years.
Counterfeit currency is a significant problem in Nigeria, and the government took steps to tackle it, including the introduction of polymer banknotes in 2007. However, counterfeiters continue to find ways to produce fake currency.
The production and distribution of counterfeit currency can severely impact the economy, leading to inflation and the devaluation of legitimate currency. It can also have a detrimental effect on businesses and individuals who unknowingly accept the fake currency.
The NSCDC is committed to ensuring the security of Nigeria's financial system and will continue working tirelessly to combat counterfeit currency production and distribution.
The suspects arrested by the NSCDC face charges of currency counterfeiting and are expected to be prosecuted according to the law.
The NSCDC has urged the public to be vigilant and report any suspicious activities related to the production and distribution of fake currency to the appropriate authorities. They have also advised businesses and individuals to take measures to verify the authenticity of banknotes before accepting them as payment.