CBN alerts banks as Turkish authorities confiscate fake $1bn en route Africa

The Central Bank of Nigeria (CBN) has alerted banks and other financial institutions of the seizure of fake $1 billion bound for Africa.

According to an administrative letter sent to Banks and Other Financial Institutions (OFIs) signed by the CBN Director, Financial Policy and Regulations Department, Chibuzo Efobi and dated August 23, 2023, the apex bank directed financial institutions to commence investigations on the individuals involved in the heist to determine if there is any information about them in their database.

The investigation is pursuant to Regulation Four of the CBN Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing of Weapons of Mass Destruction in Financial Institutions Regulations, 2022, (CBN AML/CFT/CPF Regulations).

Turkish forces in June, confiscated $1 billion of counterfeit money in Istanbul. Six culprits were arrested in the raid, including a Nigerian, one Ghanaian and a Swedish nationals. The Nigerian suspect, Dele Bolade Samson Babaola holds both Nigerian and Swedish citizenship.

Others include Kean Kwasi Arhin from Ghana; Netanel Jacob Weiss from the United Kingdom; BO Nils Olof Forsanker and Peter Willi Herbert Schick both from Sweden.

According to sources conversant with the information, Gendarmerie forces tracked the suspects to a storage space in the Kagithane district in Istanbul where they seized the fake $100 bills meant to be sent to African countries.

The CBN also instructed the banks to confirm if any of the arrested suspects maintain any accounts with them or if the financial institutions hold any funds or economic resources for the persons involved.

The banks were further advised that if any of such records do exist, they were to immediately identify and file any suspicious transaction reports to the Nigerian Financial Intelligence Unit (NFIU).