Oti gave the names of the suspects as Seye Yinka, Olasunkanmi Jacob, Yemi Sodiq, Isaac Akinse, Toyin Olokodana, Damilola Ogunderu, Ahmed Saliu and Babatunde Sunday.
They were said to have been arrested on Wednesday within their hideout in the Ifako-Gbagada area after the command received an intelligence report on the activities of the gang.
Oti said the suspects were arrested by operatives from the Oworonshoki Police Division and the Special Anti-Robbery Squad.
It was learnt that law enforcement recovered two pistols and 12 live cartridges from the suspects, who confessed to being members of the Eiye Confraternity.
Oti said the case will be used in the Special Anti-Robbery Squad for further investigation.