Ondo fake dollar factory uncovered by police in Odigbo, with one suspect arrested and three bags of suspected counterfeit notes recovered
The Ondo State Police Command has uncovered a suspected counterfeit dollar production site in Odigbo Local Government Area, arresting one suspect and recovering three bags of suspected fake United States dollar notes.
The operation took place on October 29 at Kiniso Village, via Ajue, following a complaint by a businessman who allegedly received counterfeit dollars during a currency exchange transaction.
The Police Public Relations Officer, DSP Abayomi Jimoh, disclosed the development in a statement issued on Tuesday, November 3, 2026.
According to the statement, the complainant, identified as Yusuf Nasiru, reported to the police on October 28 that two men, Peter Desmond and Olami Toro, both residents of Ode-Irele, had approached him at his shop on October 25 to exchange US dollars for their naira equivalent.
Nasiru reportedly handed over $6,000, valued at approximately ₦8.6m, to the men. However, while waiting to receive the naira payment, the suspects allegedly returned the dollar notes, claiming they did not have enough money to complete the transaction, before leaving.
The complainant later discovered that the notes returned to him were counterfeit and reported the incident to the police.
“Upon receipt of the complaint, the operatives from Okitipupa Divisional Headquarters immediately commenced discreet investigative activities,” the statement said.
Jimoh explained that intelligence gathering and technical tracking led investigators to Desmond, who was traced to Kiniso Village.
Acting on information from community members, police operatives raided the suspected hideout on October 29. One suspect was arrested, while other occupants reportedly escaped through the perimeter fence.
A search of the premises led to the recovery of three bags containing suspected counterfeit US dollar notes and a small wooden box. The items were taken into police custody as exhibits.
The police spokesman said the arrested suspect had provided useful information to assist the investigation, which is continuing.
The Commissioner of Police in Ondo State, CP Felix Ohagwu, has directed officers to intensify efforts to identify and arrest other people allegedly connected to the operation.
The investigation is also expected to establish the scale of the suspected counterfeiting network and determine the roles of those involved.
The police cautioned residents against suspicious foreign currency transactions with unverified individuals, particularly deals offering unusually attractive exchange rates outside recognised and authorised channels.
Members of the public were also advised to authenticate foreign currencies before accepting them in financial transactions and report suspicious activities to the nearest police station.
