Mr Folorunsho said the operation denied criminals the use of the intercepted wooden boat for transporting illicit petroleum products.
The team also intercepted a silver Toyota Camry suspected of conveying illegally refined petroleum products.
According to him, the suspects fled on sighting naval personnel.
The seized products were estimated to be worth N600 million.
The commander said the recovered weapon and ammunition would be subjected to forensic analysis to establish linkages with past criminal incidents.
“We are here to ensure that the peace in this state will continue and extend to the whole country,” he said.
“We will ensure that this illegality stops forthwith,” he said.
