A man identified as Samson Otuedon has been reportedly caught in his possession with over $400,000 of fake currency.
He has since been arrested by The Economic and Financial Crimes Commission, EFCC, on Saturday, April 7, 2018, at Masaka, Karu Local Government Area of Nasarawa State for currency counterfeiting.
It was reported that luck ran out on Otuedon, who specialized in counterfeiting foreign currencies, following an intelligence report on Friday, April 6, 2018 on the activities of a syndicate of fraudsters duping unsuspecting victims in Masaka area of the State.
The Commission, upon receipt of the report swung into action by putting the area under surveillance, an action that led to the eventual arrest of the suspect on Saturday.
On arrest, fake foreign currencies totaling over $400,000 (Four Hundred Thousand United States Dollars) were recovered. While being interrogated, Otuedon admitted that the fake dollars were given to him by other members of his syndicate based in Lagos.
According to him, one of their modus operandi was giving people with genuine dollars part of the fake dollars; that way, it is easily infiltrated into the system.
Otuedon, who confessed to the crime, also admitted that the syndicate use fake dollars for money doubling.
The suspect will be charged to court as soon as investigations are concluded.
The Naira notes are protected by a number of security features to enable the recognition of genuine notes. The distinguishing features which can immediately be recognized by touch and visibility are raised print, the security thread and the watermark. Other areas such as the portrait, lettering and the denominational numerals on the front and the back are embossed. The raised print provides the facility, while the security thread, which ordinarily, looks broken but is not when held against the light, has “CBN” in small lettering printed on both sides of the notes.
The Naira notes are also protected against photocopying. There are features, which are visible under ultraviolet light; for example, the serial number on each note is black, but turns green under ultraviolet light.
The currency notes issued in Nigeria are in: N5, N10, N20, N50, N100, N200, N500 and N1000 denominations and they are all of the same size, 151 x 78 mm. The paper used is a special paper with specific constituents which are unique to bank notes. The manufacturing process and the materials which are used provide the currency with the unique qualities, necessary to give the notes a long span of circulation. At the same time, these special features give a distinctive appearance and feel which is meant to protect it from imitation.