The Oyo State Police Command has arrested six suspects allegedly linked to the possession, circulation and production of counterfeit Euro currency in the state.
The arrests followed a patrol operation by police operatives in Ibadan, during which suspected fake €100 notes with a total face value of €8,900 were recovered.
According to a statement by the Oyo State Police Public Relations Officer, DSP Ayanlade Oluseyi Olayinka, the incident occurred on Tuesday, September 1, 2026.
The police said that at about 7:30 p.m., officers conducting township patrol around the Labo–Wesley area intercepted three men travelling on a motorcycle.
A search of the motorcycle and the suspects led to the recovery of 89 pieces of suspected counterfeit €100 notes. The recovered notes had a combined face value of €8,900, according to the police.
The police identified four of the suspects as Tijani Saheed, 50; Oni Oladapo, 67; Adebayo Saheed, 52; and Hammed Karemu, 25.
According to the Command, Tijani was found in possession of the suspected counterfeit currency, while Oni was allegedly responsible for supplying the money.
Adebayo was identified as the second passenger on the motorcycle, while Hammed was the motorcycle rider.
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The police said the circumstances surrounding the involvement of the suspects are still being investigated.
The Command said the arrests form part of ongoing efforts to tackle financial crimes and the circulation of counterfeit foreign currency in Oyo State.
Police investigations are expected to establish how the suspected counterfeit euros were obtained and whether the suspects are connected to a wider network involved in the production or circulation of fake foreign currency.
The authorities have not yet disclosed whether additional suspects have been identified or whether further arrests are expected.
The Oyo State Police Command is continuing its investigation into the case, with the recovered currency retained as part of the evidence.
The arrests come as law enforcement agencies continue to monitor activities involving counterfeit currencies and other forms of financial crime.
The police have yet to disclose the next legal steps against the suspects as investigations continue.
Business Day
