According to The Nation News, many people were killed during the robbery.
The gang reportedly entered the town around 4:45pm and operated till about 5:40pm blocking roads from Ilorin and Osogbo to boost smooth operation.
It was gathered that the robbers escaped with their loot through Igosun, a neighbouring community.
Reports said before the assailants robbed the banks, they first attacked the Offa divisional police station on entering the ancient town, killing policemen on duty among other people at the station.
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A policeman identified as Pelemo, who was expected to retire in a few months, and a pregnant policewoman, were among the people killed at the station.
An eyewitness claimed that corpses of six policemen were taken away in his presence.
The armed robbers, reports said, were about 15 in number - they stormed the town in different vehicles and stationed themselves at strategic areas of Offa.
The general hospital in Offa, where the injured victims were taken, was overpopulated by those who secured varying degrees of injury and gun wounds, the report said.
The spokesman of the state police command, Ajayi Okasanmi, confirmed the bank raid.
He said the police have commenced investigation into the robbery.