Punch reports that the policemen attached to the banks reportedly fled the scene of the robbery which took place on Thursday, November 10.
The robbers are reported to have laid siege to the town for about an hour with heavy firepower.
According to the reports, the victims of the attack include the bank manager and cashier of a commercial bank, a security man at another commercial bank and the town monarch, Oba Adedapo Popoola's night guard.
Punch correspondents gathered that the security man was to be married in two weeks before the tragic incident which claimed his life.
The Oore Otun, Oba Popoola, likened the attack to a war against the community, with gunshots and explosives going off all over the town.
He said, “It happened around 6pm on Thursday evening. I was relaxing with my chiefs in front of the palace when we heard what first sounded like some fireworks and we dismissed it as some of the children’s antics as a result of the festive period.
“But later, we heard heavier and more shocking sounds that resembled gunshots and explosives. That was when we realised that it was no child’s play.
“Gunshots and explosives were all over the place and heard from all corners. I couldn’t situate the incident, as we ruminated whether it was robbery, Boko Haram’s attack or some kind of war happening.
“We later learnt that the robbers mounted their men at the four entrances into the town: the roundabout at Orimope Road; outside Moba LGA secretariat; in front of my palace and in front of the Technical College outside the town on the way to Kwara.
“The sporadic gunshots and explosives lasted for about an hour before the dust settled. And by that time, four people had died.
“The manager and cashier of a bank, a security man at another bank and my night guard who had just resumed for night duty and wanted to close the gate.”
Punch reports that the Oba quickly contacted the Governor of Ekiti state, Ayodele Fayose, who mobilised security agencies to the town but they arrived too late as the robbers had already made their escape.
The Ekiti State Police Public Relations Officer, Mr. Alberto Adeyemi, confirmed the report, saying that the police have deposited the remains of the victims at Usi-Ekiti General Hospital as investigations have been launched into the case.