Channels TV gathered that the robbers, in their bid to escape through the link bridge to Ikoyi after robbing a bank in Lekki, encountered the policemen.
According to an eyewitness report, the police men and robbers exchanged gunshots for about 30 minutes.
Motorists abandoned their vehicles on the road and fled while the shooting lasted.
The robbers were said to have eventually jumped into a speed boat and escaped through the water.
The children were rescued unharmed, while two suspects were arrested on the spot.
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