Police in Ondo State have dismantled a suspected counterfeit currency production site, arresting one suspect and recovering three bags of fake United States dollar notes.
The operation took place on October 29 at Kiniso Village, via Ajue, in Odigbo Local Government Area. It followed a complaint from a man who allegedly received counterfeit dollars during a currency exchange transaction.
According to DSP Abayomi Jimoh, the State Police Public Relations Officer, the complainant, Yusuf Nasiru, reported the incident on October 28.
He told police that two men, Peter Desmond and Olami Toro, both residents of Ode-Irele, approached him at his shop on October 25 to exchange US dollars for naira.
Jimoh said Nasiru handed over $6,000, valued at approximately ₦8.6 million, 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.
The complainant later discovered the returned notes were counterfeit, prompting him to report to the police.
Intelligence-Led Operation Leads to Arrest
Operatives from Okitipupa Divisional Headquarters launched a discreet investigation following the complaint. Through intelligence gathering and technical tracking, the team traced one suspect, Peter Desmond, to Kiniso Village.
On October 29, police raided the suspected hideout. “During the operation, one suspect was arrested, while other occupants of the premises reportedly escaped through the perimeter fence,” Jimoh said.
A search of the premises led to the recovery of three bags containing suspected counterfeit US dollar notes and a small wooden box. All items were taken into police custody as exhibits.
The arrested suspect has provided useful information that is assisting the investigation.
Police Chief Orders Intensified Manhunt
Commissioner of Police Felix Ohagwu has directed that the investigation be intensified to identify and arrest other persons allegedly connected to the operation.
The command said the probe would establish the extent of the suspected counterfeit currency network and ensure anyone found culpable is brought to justice.
Counterfeiting of US dollars used in fraudulent exchange schemes remains a recurring challenge across Nigeria.
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, the Lagos State Police Command recovered batches of fake USD notes in similar scam operations.
The Ondo police cautioned residents against engaging in suspicious foreign currency transactions with unverified individuals.
They also advised the public to authenticate foreign currencies before accepting them and report suspicious activities to the nearest police station.
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