The arrests took place at Unity Road, Kantin Kwari Market in Kano State. According to a statement released on Tuesday by the EFCC's Head of Media and Publicity, Dele Oyewale, the suspects were apprehended following credible intelligence about their activities.

Oyewale detailed the investigation's findings, revealing that the suspects specialized in obtaining mutilated naira notes from banks and, with the assistance of Lawal, redepositing some of them. The suspects were found to be manipulating the currency by removing a few notes from each bundle and depositing the rest into their bank accounts. Lawal, acting as their accomplice, would then accept the deposits without counting them, based on an agreement to share the removed money later.

“At the point of arrest, a total sum of N7.5 million was recovered from them,” Oyewale stated. “Investigations showed that the suspects obtained mutilated naira notes from various banks with the sole purpose of removing a few notes from each bundle and depositing them in their bank accounts with a particular bank where their banker accomplice would receive the money as the original amount.”

The EFCC's investigation is ongoing, and the suspects will be charged to court upon its conclusion.