One arrested as police uncovers fake dollar factory in Ondo

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.

In a statement released by its public relations officer, DSP Abayomi Jimoh, 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.

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 N8.6m, 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 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.

“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.