EFCC arrests Kano banker, three others for mutilating naira notes

The Economic and Financial Crimes Commission (EFCC) has made arrests in Kano State, Nigeria, involving a banker and three businessmen who were involved in the recycling and manipulation of naira notes. The suspects, Kamaluddeen Lawal, Ismail Ilu, Lamido Bala, and Abba Mohammed, were apprehended at Unity Road, Kantin Kwari Market, following intelligence on their activities.

According to Dele Oyewale, the Head of Media and Publicity for the EFCC, the investigation revealed that the suspects obtained mutilated naira notes from various banks. With the assistance of the arrested banker, they would redeposit some of these notes. Upon their arrest, a total sum of N7.5 million was recovered from the suspects.

It was discovered that the suspects had a method of obtaining mutilated naira notes from banks and removing a few notes from each bundle. They would then deposit these altered bundles in their bank accounts with the help of their accomplice, the banker. The accomplice would accept the money as the original amount, making entries in the tellers without counting them. The agreement was that the suspects would later give the banker his share of the money they had removed.

The EFCC has stated that the suspects will be charged to court once investigations are concluded.

The arrest of these individuals highlights the ongoing efforts of the EFCC to combat financial crimes and ensure the integrity of the Nigerian currency. The manipulation and recycling of naira notes not only undermines the country’s economy but also contributes to the circulation of counterfeit currency. The EFCC continues to work diligently to apprehend those involved in such illegal activities and bring them to justice.