The Ondo State Police Command has uncovered a suspected counterfeit United States dollar printing factory in Kiniso Village, near Ajue, Odigbo Local Government Area, arresting one suspect and recovering three bags of suspected fake dollar notes.
The operation followed a complaint by a businessman who allegedly lost $6,000, valued at approximately N8.6 million, to two men who approached him under the pretext of exchanging foreign currency for naira.
The complainant, identified as Yusuf Nasiru, from Sabo, Okitipupa, reported the incident to the police on October 28, 2026.
According to the police, Nasiru said the two suspects, identified as Peter Desmond and Olami Toro, both residents of Ode-Irele, visited his shop on October 25 and requested to exchange United States dollars for their naira equivalent.
He reportedly handed over $6,000 to the men but, while waiting to receive the naira equivalent, they returned the dollar notes, claiming they did not have enough money to complete the transaction.
The complainant later discovered that the dollars returned to him were counterfeit, prompting him to report the incident to the police.
Following the complaint, operatives from the Okitipupa Divisional Police Headquarters launched an investigation and used intelligence gathering and technical tracking to trace one of the suspects, Desmond, to Kiniso Village in Odigbo Local Government Area.
On October 29, the operatives raided the suspected hideout, which police said was being used for the production and printing of counterfeit dollar notes intended to defraud unsuspecting members of the public.
One suspect was arrested during the operation, while other occupants of the premises reportedly escaped through the 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, which were taken into police custody as exhibits.
The police said the arrested suspect had provided useful information to investigators, adding that efforts were ongoing to track down other members of the alleged criminal network.
The Commissioner of Police in Ondo State, Felix Ohagwu, has directed detectives to intensify investigations, identify everyone connected to the operation and ensure that those found culpable are prosecuted.
The police also warned residents against engaging in suspicious foreign exchange transactions with unverified individuals, particularly those offering seemingly attractive deals outside recognised and authorised channels.
The command urged members of the public to authenticate foreign currencies before accepting them in financial transactions and report suspicious activities to the nearest police station.
