Reports reaching Channels Television say that many people have been killed in the syndicated armed robbery operation in many of the commercial banks in Owo town.
One of the commercial banks is said to have been set ablaze, after the robbers detonated an explosive to gain access into the building.
An eyewitness said four banks were attacked and several people killed.
The eyewitness also sent in some disturbing pictures from the scenes of the attack.
The Ondo State Commissioner of Police, Isaac Eke, when contacted via the telephone, confirmed the incident but could not provide much details.
More updates on the story soon.