The Ondo State Police Command has uncovered a suspected counterfeit US dollar printing operation in 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, estimated at about ₦8.6 million, during a currency exchange transaction involving two men in Okitipupa.
The police identified the complainant as Yusuf Nasiru, a resident of Sabo, Okitipupa. He reportedly lodged a complaint on October 28, 2026, after discovering that the dollar notes returned to him by the men during the transaction were counterfeit.
According to the police, the incident occurred on October 25 when two men, identified as Peter Desmond and Olami Toro, both residents of Ode-Irele, approached Nasiru at his shop and offered to exchange US dollars for their naira equivalent.
The complainant allegedly handed over $6,000 to the men, but they later returned the dollar notes, claiming they did not have enough money to complete the transaction.
It was after the men had left that Nasiru reportedly examined the returned notes more closely and discovered they were fake, prompting him to approach the police.
Following the complaint, operatives attached to the Okitipupa Divisional Police Headquarters began investigations, using intelligence gathering and technical tracking to trace one of the suspects, Peter Desmond, to Kiniso Village, near Ajue, in Odigbo Local Government Area.
Police operatives raided the suspected hideout on October 29, acting on information received from members of the community.
During the operation, one suspect was arrested, while other occupants of the premises reportedly escaped through a perimeter fence.
A search of the property led to the recovery of three bags containing suspected counterfeit United States dollar notes and a small wooden box believed to be connected to the alleged operation. The recovered items were taken into police custody as exhibits.
The police said the arrested suspect had provided useful information to investigators, who were working to identify and apprehend other people allegedly involved in the operation.
Police intensify investigation into suspected counterfeit currency network
The Commissioner of Police in Ondo State, Felix Ohagwu, has directed investigators to intensify efforts to track down the fleeing suspects and establish the full extent of the alleged counterfeit currency operation.
The command said the investigation would focus on identifying everyone connected to the suspected printing network and ensuring that those found culpable are brought to justice.
The police did not disclose the quantity or face value of the suspected counterfeit notes recovered in the three bags. It also did not state whether the arrested suspect had been formally charged in court.
The command warned residents against conducting foreign currency transactions with unverified individuals, particularly those offering attractive exchange deals outside recognised and authorised channels.
It also advised members of the public to authenticate foreign currencies before accepting them in financial transactions and report suspicious activities to the nearest police station.
The discovery raises fresh concerns about currency-related fraud, particularly schemes in which unsuspecting individuals are lured into informal foreign exchange transactions and handed counterfeit notes.
The Ondo police said they remained committed to combating financial crimes and other criminal activities across the state as investigations into the suspected operation continue.
