Seven suspected illegal dealers in new naira notes have been arrested by the Police in Benin by the Edo State Police Command, with the sum of N12. 5m seized.
The action was in line with the Central Bank of Nigeria (CBN) law prohibiting illegal sales of new naira notes.
The Commissioner of Police, Babatunde Johnson Kokumo on Friday, 9 November, 2018 paraded the suspects before the media at the Edo State Police headquarters in Benin.
He told journalists that the suspects also were specialists in counterfeiting the naira notes.
The seized sum which included all the naira denominations of N5, N10, N20, N50, N100, N200, N500 and N1,000 contained counterfeit of N42,000, he added.
The CP gave the names of the suspects arrested as, Fankling Izukwu, Bright Mugbeyogho, Obi Alex, Elvis Iyomana, Osazee Osagiede, Mrs. Victoria Igbinosa and Miss Deborah Uwa.
He said the police acted in line with the presidential order prohibiting the illigal sales of naira notes as enshrined in section 20 and 21 of the Central Bank of Nigeria Act No. 7, 2007.
Kokumo said the law stipulates a minimum of six months imprisonment or a fine of N50,000 as punishment for offenders.
“During the exercise, N12, 580,235 were recovered from the suspects. We will investigate the matter because we believe that they are not acting alone and the investigation will be extended to a commercial bank in Benin metropolis and beyond.”
The Police boss disclosed that operatives were already on the trail of bankers who connive with the dealers to obtain new currency notes.
The arrest was made in collaboration with officials of the Department of State Security (DSS) and the Central bank, he added.
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