Police uncover fake dollar factory in Ondo, arrest one

Exhibit. CREDIT: Ondo Police Command

The Ondo State Police Command has uncovered a suspected counterfeit currency production site in Odigbo Local Government Area of the state, arresting one suspect and recovering three bags of suspected fake United States dollar notes.

The command said the operation took place on October 29 at Kiniso Village, via Ajue, following investigations into a complaint by a man who allegedly received counterfeit dollars from two men during a currency exchange transaction.

The State Police Public Relations Officer, DSP Abayomi Jimoh, disclosed this in a statement issued on Tuesday.

According to the statement, the complainant, identified as Yusuf Nasiru, reported to the police on October 28 that two men, identified as 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.

Jimoh said the complainant handed over $6,000, valued at approximately ₦8.6m, to the men.

“However, while waiting to receive the naira equivalent, the suspects allegedly returned the dollars to him, claiming that they did not have sufficient funds to complete the transaction, and subsequently left,” the statement read.

It added, “The complainant later discovered, upon closer examination, that the dollar notes returned to him were counterfeit, prompting him to report the incident to the Police.

“Upon receipt of the complaint, the operatives from Okitipupa Divisional Headquarters immediately commenced discreet investigative activities.

“Through intelligence gathering and technical tracking, the team traced one of the suspects, Peter Desmond, to Kiniso Village, via Ajue, in Odigbo Local Government Area.”

The statement said the operatives, acting on information from members of the community, raided the suspected hideout on October 29.

“During the operation, one suspect was arrested, while other occupants of the premises reportedly escaped through the perimeter fence.

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“A search of the premises led to the recovery of three bags containing suspected counterfeit United States dollar notes and a small wooden box, all of which were taken into police custody as exhibits.

“The arrested suspect has however given useful information that is assisting the investigation,” the PPRO said.

Currency counterfeiting, especially of US dollars used in fraudulent exchange schemes, remains a recurring challenge across Nigeria. In recent months, security agencies have recorded multiple seizures of fake foreign notes.

Earlier this year, the Nigeria Security and Civil Defence Corps arrested suspects linked to counterfeit dollars worth hundreds of thousands of dollars in other states.

In November 2025, Lagos State Police Command recovered batches of fake USD notes in similar scam operations.

Meanwhile, the Commissioner of Police, Ondo State Command, CP Felix Ohagwu, directed that the investigation be intensified to identify and arrest other persons allegedly connected to the operation.

The command said the investigation would also seek to establish the extent of the suspected counterfeit currency network and ensure that anyone found culpable was brought to justice.

It cautioned members of the public against engaging in suspicious foreign currency transactions with unverified individuals or accepting seemingly attractive exchange deals outside recognised and authorised channels.

Residents were also advised to authenticate foreign currencies before accepting them in financial transactions and report suspicious activities to the nearest police station.

The command said it remained committed to combating financial and other forms of criminality in the state.