Lagos, Nigeria (CNN) A Nigerian man was arrested for alleged possession of $400,000 counterfeit bills, Nigeria's anti-corruption agency said Tuesday.

Samson Otuedon confessed he operated a syndicate that used fake dollar bills to scam unsuspecting clients, Wilson Uwujaren, a spokesman for the Nigeria's Economic and Financial Crimes Commission (EFCC) said in a statement.

An investigation was launched into Otuedon's activities in Nasarawa, Nigeria's north central state after it received reports the group was producing fake dollar bills.

#Photo: Fake $400,000 bills recovered from Samson Otuedon, at Masaka, Karu Local Government Area of Nasarawa State. pic.twitter.com/NNRXOWwnWV — EFCC Nigeria (@officialEFCC) April 9, 2018

Uwujaren told CNN Tuesday the anti-corruption agency had arrested several fake currency traders in northern Nigeria, a hub for foreign currency trading.

"Those conversant with currency trading in Nigeria know that most legal and illegal bureau de change operators come from the north,"Uwujaren told CNN.

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