Oyo: Police arrest six, recover fake €100 notes worth N14.15m

The Oyo State Police Command in Ibadan has apprehended six individuals suspected of counterfeiting €100 euro notes, recovering a total of 89 counterfeit €100 notes, valued at approximately N14.15 million. DSP Ayanlade Olayinka, the Public Relations Officer of the police command, announced this in a statement on Thursday. The operation commenced during a routine township patrol around the Labo-Wesley area of Ibadan on Tuesday at around 7:30 p.m. The officers stopped three men on a motorcycle and conducted a search, which led to the discovery of the counterfeit €100 notes.

The exact roles of each suspect are under further investigation. The suspects confessed to the offense and led authorities to the location where the counterfeit currency was believed to have been obtained. A forensic examination of their premises uncovered additional suspected materials related to the production of the fake notes.

Three more suspects were subsequently arrested, including the alleged producer of the counterfeit currency. All suspects are currently in police custody and are cooperating with the investigation, set to face court proceedings after the conclusion of the investigation. The Commissioner of Police in Oyo State, CP Abimbola Olugbenga, praised the officers for their vigilance and professionalism.