Their arrest was triggered by intelligence reports detailing their alleged involvement in internet fraud and other related offences.
The suspects are: Kayode Adeoye, Ogunleye Yemi, Adio Taheed, Olaniyi Joshua, AbdulAfeez Kehinde.
Others are: Bakare Omolayo, Adesuntola Adebayo, Ridwan Gbolahan, Abdulfatai Waliu, Olayiwola Olamilekan, Raji Wasiu, Olawale Ibrahim and Tajudeen Mojeed.
Four cars, Phones, Laptops and other incriminating documents used in perpetrating the crime were recovered from them.
The suspects will be charged to court as soon as investigations are concluded.