It was learnt that the retired AVM was released in the early hours of Saturday.
The Spokesman for the police in Lagos State, Adekunle Ajisebutu, confirmed the development.
“I can confirm that he has been released,” he said.
The retired general, who is currently the Chairman of Double Wealth Ventures Limited – a dredging and engineering firm – was supervising work on a site in the Ajah area of Lagos State on Monday when masked gunmen invaded the place and shot sporadically.
The gunmen were said to have whisked the retired general away in a waiting speedboat and sped away.
According to an SOS voice note shared by his driver, Corporal Odiji, the retired AVM engaged in a struggle with the gunmen before he was subdued.