The Ondo State Police Command has uncovered a suspected counterfeit US dollar production site in Odigbo Local Government Area, arresting one suspect and recovering three bags of suspected fake dollar notes.
The operation, carried out on October 29, 2026, at Kiniso Village, via Ajue, followed investigations into an alleged currency exchange fraud involving $6,000, reportedly worth approximately ₦8.6 million.
The Police Public Relations Officer, DSP Abayomi Jimoh, disclosed the development in a statement issued on Tuesday.
According to the police, the case originated from a complaint by a businessman, identified as Yusuf Nasiru, who reported that two men, Peter Desmond and Olami Toro, allegedly approached him at his shop on October 25 to exchange US dollars for their naira equivalent.
Nasiru reportedly handed over $6,000 to the men during the transaction. However, while waiting to receive the naira equivalent, the suspects allegedly returned the dollar notaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaasaes, claiming they lacked sufficient funds to complete the exchange.
The complainant subsequently discovered that the notes returned to him were counterfeit, prompting him to report the incident to the police on October 28.
Following the complaint, operatives from the Okitipupa Divisional Police Headquarters commenced discreet investigations to identify and apprehend those allegedly involved.
Jimoh said intelligence gathering and technical tracking helped the police trace one of the suspects, Peter Desmond, to Kiniso Village, via Ajue, in Odigbo Local Government Area.
Acting on information obtained from members of the community, the operatives raided the suspected hideout on October 29.
During the operation, one suspect was arrested, while other occupants of the premises reportedly escaped through a 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.
The recovered items were taken into police custody as exhibits.
The police spokesman said the arrested suspect had provided useful information to assist investigators in tracking down other individuals allegedly connected to the operation.
The Commissioner of Police in Ondo State, CP Felix Ohagwu, has directed that the investigation be intensified to identify and arrest the fleeing suspects and establish the full extent of the suspected counterfeiting operation.
The command said it was committed to ensuring that anyone found culpable would be brought to justice.
Police also warned residents against engaging in suspicious foreign currency transactions with unverified individuals, particularly deals offering unusually attractive exchange rates outside recognised and authorised channels.
Members of the public were advised to authenticate foreign currencies before accepting them in financial transactions and report suspicious activities to the nearest police station.
The incident highlights the risks associated with informal foreign exchange dealings, where unsuspecting individuals may be exposed to counterfeit currency scams.
The police have yet to announce further arrests as investigations continue.
