The Nigeria Police Force has announced the recovery of counterfeit currencies valued at N125 billion in operations conducted in Kano and Nasarawa states. The arrests and seizures are part of the Force’s intensified efforts to curb financial crimes and bolster national security.
In Kano State, operatives apprehended a suspect, Nura Ibrahim, on December 8, 2024, and discovered counterfeit currency totaling N129,542,823,000. A breakdown of the recovered fake money includes $3,366,000 in counterfeit US dollars, 51,970 counterfeit CFA francs, and N1,443,000 in counterfeit naira notes.
The arrest of Ibrahim led to the apprehension of two accomplices, identified as Muhammed Muntari and Usman Abdullahi, who are believed to be connected to the counterfeit currency operation.
In Nasarawa State, police operatives arrested a 53-year-old man, Ephraim Barde, on January 13, 2025, in New Karu. Barde was found in possession of counterfeit US dollar notes amounting to $160,000. Investigations are ongoing to uncover the full extent of his involvement and identify any collaborators in the case.
The Force Spokesperson, Muyiwa Adejobi, emphasized the police’s commitment to addressing financial crimes, stating, “The arrests are a testament to the zeal to curb financial crimes and boost national security. The Police are committed to preventing further threats to the nation’s financial system.”
Anti-Money Laundering Units Established
To strengthen the fight against financial crimes, the Inspector-General of Police, Kayode Egbetokun, has established the Anti-Money Laundering Units within the Nigeria Police Force. These units, led by CP Hyacinth Edozie, a financial expert, will operate under the State Criminal Investigation Departments in all states across the country.
The initiative aims to enhance the operational capacity of the police in detecting and preventing illicit financial activities. Adejobi stated, “This initiative is a strategic move to strengthen the police’s role in national security, specifically in combating financial crimes. It is critical to counter the sophisticated methods used by terrorist organizations and other criminal entities to finance their activities.”
The establishment of these units also underscores the Force’s commitment to supporting the Nigerian Financial Intelligence Unit and other law enforcement agencies in addressing financial crimes and other security threats.
Safeguarding National Security
The recovery of counterfeit currency and the establishment of the Anti-Money Laundering Units reflect the police’s dedication to safeguarding Nigeria’s financial system. These efforts are expected to reduce the threat of financial crimes and enhance the nation’s stability by disrupting the operations of criminal networks.
The operations in Kano and Nasarawa represent a significant step in addressing the challenges posed by counterfeit currency and money laundering, further demonstrating the Nigeria Police Force’s resolve to ensure the country’s financial and national security.
