Ondo State Police Command has uncovered a suspected counterfeit United States dollar printing operation in Odigbo Local Government Area of the state, arresting one suspect and recovering bags of fake currency notes and other materials linked to the illegal activity.
The breakthrough followed an intelligence-led operation by police operatives after a report was received from a victim who was allegedly defrauded through a fake foreign currency exchange deal.
The police spokesperson in Ondo State, DSP Abayomi Jimoh, confirmed the development in a statement issued to journalists in Akure on Tuesday.
According to him, the suspected counterfeit currency factory was discovered at Kiniso Village, via Ajue, Odigbo Local Government Area, following investigations by operatives of the Okitipupa Divisional Headquarters.
DSP Jimoh said the police recovered three bags containing suspected counterfeit United States dollar notes and a small wooden box believed to contain materials connected to the production of fake currency.
He explained that the investigation began after one Yusuf Nasiru ‘M’ of Sabo, Okitipupa, reported that two men identified as Peter Desmond and Olami Toro approached him at his shop on October 25, 2026, requesting to exchange United States dollars for naira.
The complainant told police that he handed over $6,000, valued at about ₦8.6 million, to the suspects for the transaction.
However, after waiting for the naira equivalent, the suspects allegedly returned the dollar notes to him, claiming they could not complete the exchange because they lacked enough funds.
The victim later discovered that the dollars returned to him were counterfeit and reported the matter to the police.
Following the complaint, police operatives commenced discreet investigations, using intelligence gathering and technical tracking to trace one of the suspects, Peter Desmond, to Kiniso Village.
DSP Jimoh said operatives, acting on credible information from members of the community, raided the location on October 29, 2026, after it was identified as a suspected hideout used for producing counterfeit dollar notes.
“During the operation, one suspect was arrested, while other occupants of the premises reportedly escaped through the perimeter fence,” he said.
The arrested suspect, according to the police, has provided useful information that is assisting ongoing investigations into the suspected counterfeit currency network.
The Commissioner of Police in Ondo State, CP Felix Ohagwu, has directed that investigations be intensified to identify and arrest all persons connected to the operation.
The police boss also ordered efforts to uncover the full extent of the suspected counterfeit currency network and ensure that anyone found culpable faces justice.
The command warned residents against engaging in suspicious foreign currency transactions with unknown individuals or persons offering attractive exchange deals outside approved financial channels.
The police advised members of the public to verify foreign currencies before accepting them in any transaction and promptly report suspicious activities to security agencies.
The Ondo State Police Command reaffirmed its commitment to tackling financial crimes and ensuring that criminal elements have no hiding
