Robbers caused chaos in Iwo town in Osun State on Tuesday as they raided three banks, killing three policemen in the process.
One of the witnesses said the robbers stormed the area around 4 pm, shooting repeatedly and causing residents to scamper for safety.
In the process, the three policemen were killed while one of the robbers was shot dead.
The police have yet to official confirm the incident.
The Police Public Relations Officer (PPRO) in the state, SP Folashade Odoro, could not be immediately reached for comments as her mobile phone was not reachable as at the time of filing this report.