The incident occurred around 10:30a.m. at Anthony Village area of the state.
Following a distress call to the police, officers were mobilised from Onipanu and Pedro police stations to FINBANK and FCMB branches along Ikorodu Expressway.
It was gathered that the gang members were robbing customers returning from the banks.
The police engaged the robbers in a shoot out, killing three and arresting two of them.
The situation caused some apprehension in the area, as motorists and passersby had to scamper for safety.
The police arrested two of the suspects, while three others were feared dead.
Culled:dailytimesnigeria
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