Police said they also arrested four others who participated in the alleged fake kidnap.
The police in Ogun say they have arrested a 23-year-old man, Edward Okache, who allegedly faked his abduction with the intention to extort N10 million from his parents.
The police said Mr Okache was nabbed with four others identified as Asamoah Ernest, Isiah Uti, Ephraim Anyijor, and Charity Lukpata who allegedly took part in the fake abduction.
Upon the news of his kidnap, his sister, Comfort Okache, called the Mowe Divisional Headquarters to report that her younger brother, travelling from Calabar to Lagos, had been kidnapped around the Mowe area of Ogun State.
According to the police spokesperson in Ogun, Abimbola Oyeyemi, the kidnappers demanded N10 million before Mr Okache's release.
Upon the report, the DPO of Mowe division, Folake Afeniforo, mobilised the division's tactical teams to the area, police said.
Mr Oyeyemi said, "Upon painstaking and enduring combing of the surrounding bush at Orimerunmu area, the victim was sighted in an uncompleted building with the duo of Asamoah Ernest, a Ghanaian, and Isiah Uti, where he was tied in both hands and legs."
Police rescued the acclaimed victim and arrested the two suspects found with him.
"But on getting to the station, the two arrested suspects made a shocking revelation that the so-called victim was the person who planned with them to kidnap him in order for him to extort money from his parents to invest in an online business."
They also reportedly confessed that Mr Okache was introduced to them by Messrs Anyijor and Lukpata, who are both indigenes of Yala Local Government Area of Cross River.
"They have all confessed to committing the crime," the police said.
The Commissioner of Police in Ogun, Lanre Bankole, directed that the case be referred to the anti-kidnapping unit of the State Criminal Investigation and Intelligent Department (CIID), for discrete investigation and possible prosecution.