The Ondo State Police Command has uncovered a suspected counterfeit dollar printing factory in Odigbo Local Government Area of the state, arresting one suspect and recovering three bags of suspected fake United States currency.
The operation, which took place on October 29, 2026, was carried out at Kiniso Village, via Ajue, following an investigation into an alleged currency exchange fraud involving $6,000.
The Police said the investigation began after a man identified as Yusuf Nasiru reported that two suspects, Peter Desmond and Olami Toro, allegedly approached his shop in Sabo, Okitipupa, on October 25, requesting to exchange dollars for their naira equivalent.
According to the complainant, he handed over $6,000, estimated at about N8.6 million, to the men.
However, the suspects allegedly returned the dollar notes, claiming they could not complete the transaction because they lacked sufficient funds.
Nasiru later discovered that the money returned to him was counterfeit and reported the incident to the Police on October 28.
Following the complaint, operatives from the Okitipupa Divisional Police Headquarters commenced an investigation and reportedly traced one of the suspects, Peter Desmond, to a hideout in Kiniso Village.
The Police said operatives raided the location following intelligence from community members, leading to the arrest of one suspect, while other occupants reportedly escaped through the perimeter fence.
A search of the premises led to the recovery of three bags containing suspected counterfeit United States dollar notes and a small wooden box, which were taken into police custody as exhibits.
The arrested suspect is reportedly providing information to assist the ongoing investigation.
The Commissioner of Police in Ondo State, Felix Ohagwu, directed that investigations be intensified to identify and arrest other individuals connected to the suspected counterfeiting operation.
The Command also warned residents against conducting foreign currency transactions with unverified individuals or accepting suspicious exchange offers outside recognised and authorised channels.
It urged members of the public to authenticate foreign currencies before accepting them and report suspicious financial activities to the nearest police station.
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