The Ondo State Police Command has uncovered a suspected counterfeit US dollar production facility in Odigbo Local Government Area, following an investigation into an alleged foreign currency exchange fraud involving $6,000, valued at approximately ₦8.6 million.
Police confirmed that one suspect was arrested during a raid on the premises, while several other individuals reportedly escaped.
The command’s spokesperson, Deputy Superintendent of Police Abayomi Jimoh, disclosed the development in a statement issued on Tuesday in Akure, the Ondo State capital.
According to Jimoh, the operation followed a complaint by a businessman who alleged that individuals posing as currency exchange customers had replaced his genuine dollar notes with counterfeit bills.
How the Alleged $6,000 Dollar Exchange Fraud Happened
The incident reportedly began on October 25, 2026, when two men identified as Peter Desmond and Olami Toro visited a shop belonging to Yusuf Nasiru in the Sabo area of Okitipupa Local Government Area.
According to the police, the visitors approached Nasiru with a proposal to exchange United States dollars for Nigerian naira.
Nasiru reportedly handed over $6,000, worth approximately ₦8.6 million at the value cited by the police.
However, while the businessman was waiting to receive the naira equivalent, the men allegedly informed him that they did not have enough money to complete the transaction.
They subsequently returned what appeared to be his dollar notes and left the premises.
The complainant later examined the returned currency and allegedly discovered that the notes were counterfeit.
He reported the incident to the police on October 28, prompting an investigation.
Police Track Suspect to Odigbo Village
Following the complaint, detectives attached to the Okitipupa Divisional Police Headquarters began investigating the alleged fraud.
Jimoh said officers used intelligence gathering and technical tracking to trace Desmond to Kiniso Village, near Ajue, in Odigbo Local Government Area.
Information obtained from community members reportedly helped investigators identify the suspected hideout.
On October 29, police operatives raided the premises and discovered what they described as a facility used for producing counterfeit United States dollar notes.
One suspect was arrested during the operation.
Other individuals at the location allegedly fled by climbing over the perimeter fence before they could be apprehended.
Three Bags of Suspected Fake Dollar Notes Recovered
During a search of the premises, investigators recovered three bags containing suspected counterfeit US dollar notes.
A small wooden box was also recovered and taken into police custody.
The items were retained as exhibits for the ongoing investigation.
Police did not disclose the total face value of the suspected counterfeit notes or provide a detailed inventory of the equipment allegedly used at the facility.
The command also did not establish in its statement whether the arrested individual had been formally charged in court.
Jimoh said the suspect had provided information considered useful to investigators.
The police are continuing efforts to establish the circumstances surrounding the alleged operation and identify other individuals who may have been involved.
Police Warn Residents Against Unverified Dollar Transactions
The Ondo State Police Command urged residents to exercise caution when exchanging foreign currency, particularly when dealing with individuals whose identities or business credentials cannot be verified.
Jimoh advised members of the public to use recognised and authorised foreign exchange channels rather than entering into suspicious transactions with unknown persons.
He also encouraged residents to examine foreign currency carefully before accepting it.
The command urged anyone who encounters suspected counterfeit notes or suspicious currency dealings to report the matter promptly to the nearest police station.
The investigation remains ongoing, and the allegations against the suspects are subject to the outcome of police inquiries and any subsequent judicial proceedings.
