The suspects, 46-year-old Boniface Ewerem and 42-year-old Joseph, were said to have trailed their victims to banks in the community along Oshodi-Apapa expressway.
They were said to have waylaid a bank customer who exited the one of the banks with cash amounting to over N300,000 and attempted to flee on their motorcycle when they were chased by policemen in the area.
Boniface and Joseph, who had reportedly fired bullets into the air to scare away onlookers, were nabbed shortly after the chase.
Joseph was quoted to have said that he needed the money to celebrate Christmas.
“This is my first time. I wanted to use the money I would have stolen, to celebrate Christmas. We never had any intention to kill our victims,” he reportedly said.