The Ondo State Police Command has recorded a major breakthrough in its sustained fight against economic and financial crimes with the discovery and dismantling of a suspected counterfeit currency production factory located in a remote part of Odigbo Local Government Area of the state, where operatives arrested one suspect and recovered three bags filled with suspected fake United States dollar notes.
According to a detailed official statement issued by the Command yesterday and made available to journalists in Akure, the state capital, by the Police Public Relations Officer, DSP Abayomi Jimoh, the successful operation was carried out on October 29 at Kiniso Village, near Ajue community, following painstaking, discreet and intelligence-driven investigations into a complaint bordering on alleged counterfeit currency exchange and attempted fraud.
The Police image maker explained that the entire investigation was triggered by a formal complaint lodged at the police station on October 28 by one Yusuf Nasiru, a businessman and currency trader, who reported that two men identified as Peter Desmond and Olami Toro, both of whom are residents of Ode-Irele in Irele Local Government Area of the state, had approached him at his shop premises.
DSP Jimoh further disclosed that the two suspects had approached the complainant at his business premises on October 25, 2025, with a request to exchange a large sum of United States dollars for its naira equivalent, a transaction that initially appeared normal but later raised suspicion after the complainant noticed some irregularities in the dollar notes presented to him.
The complainant, sensing that the dollar notes might be counterfeit, immediately became alert, tactically delayed the suspects, and later reported the matter to the police for proper investigation and necessary action, a move that the Command has described as commendable, patriotic and worthy of emulation by other members of the public.
Upon receiving the complaint, the Commissioner of Police, Ondo State Command, was said to have been deeply concerned about the implications of counterfeit currency circulation for the economy and immediately ordered the immediate deployment of a crack team of detectives and intelligence operatives to commence discreet, thorough and professional investigations into the matter with a view to unravelling the entire syndicate.
The operatives, acting on credible intelligence, diligent surveillance, technical tracking and detailed follow-up on the information provided by the complainant, were able to trace the movement and hideout of the suspects, which eventually led them to a secluded and heavily bushy location at Kiniso Village, near Ajue, which had been converted into a clandestine factory for illegal currency production.
During the well-coordinated raid carried out on October 29, the police operatives stormed the location and were shocked to discover that the site was being operated as a fully-fledged, albeit illegal, factory for the printing, processing, drying and packaging of counterfeit United States dollar notes for onward circulation to unsuspecting members of the public.
At the scene of the crime, the operatives arrested one suspect who was found actively engaged in the illicit operation, while three large bags, popularly known as Ghana-must-go bags, containing huge quantities of suspected fake US dollar notes in various denominations were recovered, documented and taken into custody as exhibits for further investigation and prosecution.
DSP Jimoh stated in the statement that the recovered counterfeit currencies have been properly secured at the Command’s headquarters and will be subjected to comprehensive forensic examination, laboratory analysis and authentication by experts from the Central Bank of Nigeria and other relevant agencies to determine their level of sophistication, authenticity and the methods employed by the syndicate.
According to preliminary findings from investigators who visited the scene, the syndicate had been operating in the remote village for a considerable period of time, taking advantage of the isolated, sparsely populated and difficult terrain of the area to evade detection by security agencies, while carrying out their illegal currency printing and distribution business without interruption.
The Command further disclosed that the two prime suspects, Peter Desmond and Olami Toro, who were initially reported by the complainant for attempting to exchange fake dollars at his shop, managed to evade arrest during the raid and are currently at large, with the police intensifying efforts, mounting surveillance and deploying intelligence assets to apprehend them wherever they may be hiding.
He added that the arrested suspect, whose identity is being withheld for investigative reasons, is currently in custody at the State Criminal Investigation Department and is cooperating with investigators by providing useful, actionable and revealing information that is assisting the police in tracking down other members of the syndicate who are believed to be part of a wider, well-organised network.
The Police Public Relations Officer emphasised that the arrested suspect’s confessional statements have revealed that the syndicate is not operating in isolation but is believed to be connected to a larger network of counterfeit currency producers, distributors and sponsors who operate across several states in the South-West and beyond, indicating a complex organised crime chain.
The Command assured members of the public that it will not relent, relax or compromise in its constitutional mandate and efforts to rid the state of all forms of criminal activities, including currency counterfeiting, advanced fee fraud, armed robbery, kidnapping, cultism, land grabbing and other economic and financial crimes that threaten peace and development.
He warned members of the public, particularly operators of Bureau De Change, traders in major markets, business owners, commercial drivers, Point of Sale operators and individuals who engage in foreign currency exchange on a daily basis, to be extra vigilant, cautious, security-conscious and to always verify the authenticity of foreign currencies presented to them using counterfeit detection tools.
DSP Jimoh urged residents of Ondo State to promptly report any suspicious persons, movements, activities or transactions relating to counterfeit currencies, fake alert scams or other criminal acts to the nearest police station or through the Command’s dedicated emergency and distress lines for prompt response, intervention and action.
He noted that counterfeit currency production and circulation is not just an ordinary crime but a very serious economic crime and act of economic sabotage that has far-reaching implications for the nation’s economy, financial system, exchange rate stability, national security, foreign direct investment and international reputation in the comity of nations, and therefore must be tackled with all seriousness.
The police spokesman disclosed that the Commissioner of Police has already ordered that the case file, along with all recovered exhibits and the arrested suspect, be transferred with immediate effect to the State Criminal Investigation Department, SCID, in Akure for more detailed, comprehensive, scientific and intelligence-led investigation to ensure that all those involved, including sponsors, are apprehended.
He added that upon conclusion of the ongoing investigations at the SCID, the suspects, both those already arrested and those to be arrested, will be charged to a court of competent jurisdiction to face the full wrath of the law, to serve as deterrent to others who may be nursing similar criminal intentions or already engaged in such illicit ventures.
Meanwhile, security experts, financial analysts and economic commentators who reacted to the development have commended the Ondo State Police Command for the breakthrough, describing it as a significant achievement, morale booster and demonstration of professionalism in the fight against economic and financial crimes in the country and the South-West region in particular.
They noted that the circulation of counterfeit foreign currencies, particularly United States dollars, has become a growing, worrisome and disturbing concern in many parts of Nigeria in recent times, with fraudsters using highly sophisticated fake notes to defraud unsuspecting members of the public, especially traders, market women and Bureau De Change operators.
According to them, the discovery of a production factory in a remote rural community is a clear indication and strong signal that counterfeiters and economic saboteurs are now adopting new tactics by moving their operations from urban centres to remote villages, farm settlements and thick forests to avoid detection, arrest and prosecution by security agencies.
They called on the Central Bank of Nigeria, CBN, the Economic and Financial Crimes Commission, EFCC, the Nigeria Financial Intelligence Unit, NFIU, and other relevant financial regulatory and security agencies to collaborate more closely, synergise and intensify public enlightenment campaigns on how to detect fake currencies and prevent their circulation.
They also urged the police to carry out a thorough, unbiased and far-reaching investigation to determine whether the syndicate has links with other criminal networks, both within and outside Ondo State, as counterfeit currency production is often linked with other transnational organised crimes such as drug trafficking, arms smuggling and terrorism financing.
As of the time of filing this report, the Ondo State Police Command said it is expecting to provide further updates and details on the operation, the identity of the arrested suspect, the estimated street value of the recovered fake dollars and the outcome of ongoing investigations in due course, as efforts to apprehend fleeing members of the syndicate and dismantle the entire network continue in earnest.
