CBN puts Zenith, Access, UBA, other banks on high alert over $1bn fake currency coming to Africa from abroad

The Central Bank of Nigeria (CBN) has launched a probe into an alleged $1 billion currency counterfeit deal involving a Nigerian and other nationals.

A memo dated August 23, 2023, marked confidential and addressed to commercial banks and other financial institutions, gives insight into the investigation.

The letter said the fake dollar is meant for the African market.

The memo, signed by Chibuzo Efobi, the Director of the Financial Policy and Regulation Department, was titled Administrative Letter to Banks and Other Financial Institutions: Arrest of Nigerian and Four Nationals for Alleged Involvement in Currency Counterfeiting.

The Guardian reports that the financial institution's regulator said Turkish authorities made the arrests.

Nigerian man arrested alongside other nationals

According to the letter, the Turkish authorities arrested a Nigerian citizen and four other nationals for alleged involvement in currency counterfeiting to $1 billion bound for African countries.

The suspects are named Dele Bolade Samson with Nigerian and Swedish passports. Others include Ghanaian Kean Kwasi Arhin, a Briton, and Netanel Kakob Weiss, as well as two Swedish nationals.

CBN said: "Pursuant to Regulation 4 of the Central Bank of Nigeria (Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing of Weapons of Mass Destruction in Financial Institutions) Regulations, 2022, financial institutions are required to take the following measures immediately:

Conduct searches of their database to determine whether there is any information about the above individuals; check whether they maintain any accounts or hold any funds or economic resources for the persons mentioned above; identify and file suspicious transaction reports to the Nigerian Financial Intelligence Unit (NFIU) and render NIL report to the NFIU where no such records exist."