The Economic and Financial Crimes Commission (EFCC) in Abuja has announced the arrest of members of a criminal syndicate that specializes in producing counterfeit foreign currency for sale to members of the public. This was disclosed on Tuesday in a statement by the spokesperson of EFCC, Mr. Wilson Uwujaren who stated that it was a joint operation with personnel of the National Drug Law Enforcement Agency (NDLEA).


According to him, the commission received credible intelligence and 4 members of the syndicate were arrested on 8 December 2021 at Swiss Pearl Continental Hotel, Wuse Zone 2, Abuja with fake currency worth $427,400.

The arrested members then revealed useful information which led to the arrest of the syndicate’s kingpin on December 14, 2021.

Uwujaren said, “The Commission wishes to warn members of the public to be wary of the activities of fraud syndicates masquerading as Bureau de Change operators.

“Such operators are seeking to exploit the desperation of some citizens sourcing for Forex for various purposes to defraud them of their hard-earned money.

“Citizens are advised to source their Forex from commercial banks in line with the directives of the Central Bank of Nigeria to minimize the risk of exposure to fraud syndicates.”