The National Drug Law Enforcement Agency (NDLEA) has intercepted counterfeit travelers’ cheques worth ₦17.7 million in a major financial crime operation.
The bust, spanning multiple states, resulted in the arrest of several suspects allegedly involved in the sophisticated fraud scheme.
NDLEA Chairman Mohamed Buba Marwa revealed the operation targeted a network producing and distributing fake international payment instruments.
“This seizure demonstrates our expanded mandate to combat organized financial crimes,” Marwa stated during a press briefing in Abuja.
Economic and Financial Crimes Commission (EFCC) officials collaborated on the investigation, which began after tips about suspicious cheque cashing patterns. Forensic analysis confirmed the documents as sophisticated fakes.
Financial experts warn that counterfeit travelers’ cheques enable money laundering and illicit cross-border transfers.
“This racket undermines Nigeria’s financial integrity,” said Central Bank payment systems director Adeleke Adelabu.
The NDLEA’s involvement signals its evolving role beyond narcotics enforcement. Recent months have seen the agency participate in joint financial crime taskforces, leveraging its nationwide presence.
Suspects face charges under Nigeria’s Counterfeit Currency and Cheques Act, which carries penalties up to 14 years imprisonment. The agency urges financial institutions to enhance verification protocols for such instruments.
The NDLEA promises more inter-agency operations targeting economic saboteurs.
