The affected banks were Wema and Zenith Banks Plc.
The incident was said to have sent panic among students as well as academic and non-teaching staff of the institution who scampered for safety while the operation lasted.
It was gathered that the bandits, numbering seven, arrived the university in a green Nissan Quest car and shot sporadically into the air to scare away people.
The robbers were said to have succeeded in gaining entrance into the Wema Bank and eventually carted away undisclosed amount of money from the vaults.
Eyewitnesses said the robbers vandalised the nearby Zenith Bank after a failed attempt to break into it.
The three other bank situated in the vicinity, were spared by the bandits who allegedly operated for 20 minutes unchallenged.
The Ogun state Commissioner of Police, Nicholas Nkemdeme, who was at the scene of the robbery incident for an on-the-spot assessment, told reporters that three suspects had been arrested in connection with the robbery.
He said police investigation will unravel whether or not the arrested suspects were students of the institution.
Mr Nkemdeme described the robbery as an embarrassment, promising that his command will unmask the perpetrators of the crime.
Culled from channelstv.com
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