The sexagenarian alongside his 42-year-old accomplice, Segun Fayose, confessed to the crime, saying they obtained a currency printing machine with which they had duped many people.
Speaking in front of newsmen at the state Police Command Headquarters, Eleyele, Ibadan, Faweya, who claimed to be a former Grade 2 teacher, said he ventured into printing fake currency because he lost N200, 000 to fraudsters.
“I also needed money to take care of my three children who are in the university.
“I have been printing N500 and N1, 000 notes with the machine in order to recoup the money I lost to fraudster.
“I live at Ijokodo in Ibadan here. I used to photocopy the materials with a photocopy machine.
“I was introduced into the business three years ago by Bayo but he is late now. He duped me of N200, 000 without doing anything for me.