EFCC arrest banker, three others over mutilation of naira notes in Kano

Three businesspeople and banker Kamaluddeen Lawal have been taken into custody by Economic and Financial Crimes Commission agents for allegedly recycling and tampering with the contents of naira notes. Lawal was taken into custody at Unity Road, Kantin Kwari Market in Kano State, together with Ismail Ilu, Lamido Bala, and Abba Mohammed. 

The EFCC's Head of Media and Publicity, Dele Oyewale, said in a statement on Tuesday that the suspects were taken into custody after receiving information about their whereabouts.

He said, “Operatives of the Kano Directorate of the Economic and Financial Crimes Commission, EFCC, have arrested a banker, Kamaluddeen Lawal and three businessmen for recycling and manipulating contents of naira notes. The other suspects are Ismail Ilu, Lamido Bala and Abba Mohammed.

“The suspects were arrested at Unity Road, Kantin Kwari market, Kano following credible intelligence on the activities of some individuals suspected to be trafficking huge sums of money in cash.“

Oyewale said that the inquiry showed that the suspects had taken mutilated naira notes from banks and had redeposited part of them with the help of the banker who had been detained. She also said that the N7.5 million had been recovered from the culprits when they were apprehended.

He said, “Investigations showed that the suspects specialised in obtaining mutilated naira notes from various banks with the sole purpose of removing a few notes from each bundle and depositing them in their bank accounts with a particular bank where their banker accomplice will receive the money as the original amount.

“The suspects were perpetrating the fraud by going to their respective banks and asking for a certain denomination (in this case, N200 notes) and carefully removing a few notes from each bundle. They would then take it to their accomplice at the bank who would collect the money and make entries as filled in the tellers without counting them on the agreement that they would later give him his share of the money they removed.

“At the point of arrest, a total sum of N7,500,000 was recovered from them. The suspects would be charged to court upon conclusion of investigations.”

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