Imagine handing over $6,000 for a legit naira swap, only to realise the dollars handed back to you are fake. That's exactly what happened to a trader in Okitipupa - and it led police straight to a hidden counterfeit factory in Ondo forest.

So here's what went down. According to the Ondo Police Command, one Yusuf Nasiru from Sabo, Okitipupa, reported that two men - Peter Desmond and Olami Toro from Ode-Irele - walked into his shop on 25th October 2026 wanting to change dollars to naira.

He gave them $6,000, worth about N8.6 million. The men then claimed they didn't have enough naira, returned the dollars, and disappeared. It was only on closer inspection Yusuf realised he'd been duped - the returned notes were counterfeit.

Police spokesperson DSP Abayomi Jimoh said operatives from Okitipupa Division tracked Desmond using intelligence and technical surveillance to Kiniso Village, via Ajue, in Odigbo LGA.

On 29th October, they raided the hideout. One suspect was arrested; others bolted over the fence. Inside? Three bags stuffed with suspected fake US dollar notes and a small wooden box believed to be part of the printing kit.

This isn't just about fake paper. For small-scale Bureau de Change operators like Yusuf, one bad deal can wipe out years of savings. With dollar scarcity and high exchange rates, many Nigerians rely on street FX traders, making them prime targets.

And this is bigger than Ondo.

Counterfeit dollar syndicates are a recurring headache for Nigerian security agencies. Police in Bauchi recently recovered 163 fake US notes in two separate busts, while in Kano, operatives seized fake currencies worth over N129 billion, including $3.37 million in counterfeit dollars. In Gombe, a 12-man gang was caught with 563 fake $100 bills.

It's classic "money doubling / quick exchange" fraud.

Suspects approach a trader with real dollars.

You hand over genuine cash or naira.

They create confusion, claim the deal is off, and return counterfeit notes that look identical at first glance.

Police say Desmond is cooperating and helping with further investigation. The hunt is now on for his alleged accomplice, Olami Toro, and to determine how long the Kiniso factory had been operating and how far the fake notes circulated.

Historically, Ondo has seen drug and fraud hideouts in its forest border communities, but a full-blown dollar-printing operation is rare for the South-West, with most large busts previously concentrated in Kano, Bauchi and the North-East.

The case will likely be transferred to the State CID in Akure, and the suspect charged with counterfeiting and obtaining by false pretence.

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