A policeman was killed and many people were injured.
Sources said other people were also shot dead, but it could not be confirmed last night.
There are also various accounts of how the robbers stormed the area.
The gang, believed to comprise about 20 members – some of them women, others in hoods – in one of the accounts, stormed the industrial estate, which houses about 10 branches of banks on motor bikes and a Camry car hijacked a few minutes earlier from the owner.
They shot sporadically in the air as they headed for one of the banks.
They smashed the entrance door with explosives, held members of the staff hostage as they carted away millions of naira. They escaped.
Eyewitnesses reckoned that the robbers spent not less than 40 minutes before the police intervention.
They were said to have escaped through the water way in Agbara after a gun battle with policemen.
A policeman attached to the bank was killed. An expectant woman who was shot in the leg by the robbers, was taken to the hospital.
A bank official said a lot of cash was stolen.
It was learnt that the Camry Salon the armed bandit came with was snatched about 30 minutes from a man who was taking his children to school.
The man, who pleaded not to be named, said: “I was taking my children to school when some guys stopped me at Ilase. They pointed a gun at me and asked me to step out of the car. I had to obey them because they were with a gun.”
An eyewitness said: “I was on my way to withdraw money with the ATM. I was three buildings away from the bank when I started hearing gun shots. People started running. I ran into another bank’s building. It was close enough for me to see what was going on outside. I saw guys with motor cycles and one car. I noticed there were two ladies and some covered their faces.
“There were about 15 of them that I saw. I saw the Quick Response Squad Armored carrier in front of the bank and the robbers were shooting at the carrier, which was bullet proof.
After a gun battle, the robbers fled and the police took over the scene. We saw the dead policeman, some injured bank workers and an expectant woman shot in the leg.”
Another account said the robbers arrived at Agbara in two speed boats and hijacked two vehicles- a Sport Utility Vehicle (SUV) and a bus – and rode right through Agbara market to Bank Road, which was their target.
It was gathered that they blew open the metal doors and vaults at the bank with dynamite, packing their loot, after holding the staff of the banks hostage at gunpoint.
To ensure that no rescue operation would be carried out, the gang stationed some of their members at the entry and exit routes into the road. A police armoured personnel carrier in the area was riddled with bullets.
They made their getaway through the waterways, carrying the stolen money in “Ghana must go bags”.
According to an eyewitness account, the armed robbers came into Agbara through the waterway behind Adeniran Ogunsanya College of Education in Ijanikin; as early as 8am.
Ogun State Police Commissioner Abdulmajid Ali did not comment.
But Lagos State Police Commissioner Fatai Owoseni said: “Responding to the distress call, policemen from Lagos Command cordoned off all waterways in the area with aerial patrol covering the entire route which they fled through.
“We had surveillance mounted at the bridge at Obadore, Agbara, and Ishashi while others combed. We have helicopter patrolling the area.
“At present they are being held up along the waters. They have retreated and heading towards Ogun State. We are at alert.”
Bank customers were also robbed yesterday on 23 Road in Festac,Lagos, where there was a robbery last month.
Lagos Police spokesman Joseph Offor, a Deputy Superintendent of Police (DSP), said: “What happened was that some robbers attacked a bank customer and collected his money. They shot him on the leg and fled. It happened on 23 Road.
“So, three police patrol teams from Area E Command and the Festac Division learnt of the incident and divided themselves across different roads in pursuit of the criminals.
“Those who went to Seventh Avenue met some hoodlums shouting at a man driving a Honda Accord. The soldiers on hearing the shout of thief, thought the man was the thief and opened fire on his vehicle.
“In the process, two civilians, two policemen and a soldier were shot. The two civilians, including the vehicle owner, died but the security personnel are responding to treatment,” Offor said.
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