The Ondo State Police Command has uncovered a suspected counterfeit dollar factory in Odigbo Local Government Area, arresting one suspect and recovering three bags of fake United States currency allegedly used to defraud unsuspecting Nigerians.
The discovery followed a businessman’s complaint that he was defrauded of $6,000, estimated at N8.6 million, by two men who allegedly returned counterfeit dollar notes to him after a failed currency exchange transaction.
The complainant, Yusuf Nasiru, from Sabo, Okitipupa, reported the incident to the police on October 28, 2026.
According to the police, the suspects, identified as Peter Desmond and Olami Toro, both residents of Ode-Irele, visited Nasiru’s shop on October 25 and requested to exchange dollars for their naira equivalent.
Nasiru reportedly handed over $6,000 to the men, but they later returned the dollar notes, claiming they did not have sufficient funds to complete the transaction.
The businessman subsequently discovered that the notes returned to him were counterfeit and reported the incident.
Following the complaint, operatives of the Okitipupa Divisional Police Headquarters launched an investigation, using intelligence gathering and technical tracking to trace Desmond to Kiniso Village, near Ajue, in Odigbo Local Government Area.
On October 29, the operatives raided the suspected hideout, which the police said was being used to produce and print counterfeit dollar notes for fraudulent transactions.
One suspect was arrested during the operation, while other occupants of the premises reportedly escaped through a perimeter fence.
A search of the facility led to the recovery of three bags containing suspected counterfeit United States dollar notes and a small wooden box. The items were taken into police custody as exhibits.
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The command said the arrested suspect had provided useful information to investigators, while efforts were ongoing to apprehend other members of the alleged criminal network.
The Commissioner of Police in Ondo State, Felix Ohagwu, has directed detectives to intensify investigations, identify all those connected to the operation and prosecute anyone found culpable.
The police warned residents against engaging in suspicious foreign exchange transactions with unverified individuals, particularly those offering attractive deals outside recognised and authorised channels.
The command also urged members of the public to authenticate foreign currencies before accepting them and report suspicious activities to the nearest police station.
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