Operatives of the Economic and Financial Crimes Commission have arrested Badamasi Sule and Muhammad Muhammad, suspected money-doublers.
The suspects arrested by the Abuja Zonal Office were alleged to be in possession of counterfeit naira notes totalling N45m.
According to the commission, they were arrested in December 2019 following actionable intelligence reports exposing a syndicate of fraudsters specialised in printing fake N1,000 notes.
They were also found to be in possession of fake $100 bills, the anti-graft agency said.
“Investigations further revealed that two “Ghana-must-go bags” in their possession containing the N1,000 notes were shortly to be put into circulation. Their primary targets are bureau de change operators and unsuspecting members of the public.
“The syndicate is believed to be operating from Gashua, Yobe State, with its dispatch lodge being a hotel located in Abacha Estate, close to the Sheraton Hotel and Towers, Abuja,” EFCC added.