The spokesman of the Lagos Police Command, Olarinde Famous-Cole says 18 other suspects were also arrested, after the violence that ensued.
At least one bank was set on fire by supposed truck drivers, after the killing of their colleague.
The aggrieved truck drivers had targeted the banks after the colleague was allegedly shot by a mobile policeman attached to one of the new generation banks in the area.
Men of the Fire Service who rushed to the scene when contacted, were prevented by the protesting truck drivers from doing the needful as they threatened to set them and their trucks ablaze.
The firemen from Iponri, it was gathered, left the scene, frustrated. The protesting drivers were said to have attacked any policeman on sight, as well as unsuspecting civilians.
An unidentified Police corporal was said to have been stabbed while two others who were on their way to work escaped being lynched.
Police sources said the injured corporal was receiving treatment in an undisclosed hospital.
It reportedly took the combined efforts of the military, conventional and mobile policemen, including those from the Rapid Response Squad, RRS, who were led by their Commander, Olatunji Disu, an Assistant Commissioner of Police, to bring sanity to the area.