Emmanuel Egbu, a shop owner at Sango Area, Ibandan was caught on Saturday by passers by eating human faeces with bread.
The market was disrupted on Saturday as people trooped the site to have a peek at the bizzare situation.
He was subsequently arrested by the Oyo State police command before he could have been lynched by the angry mob that surrounded him.
Eating human faces is said to be the hallmark of Internet fraudsters, who also combine money rituals with cyber fraud
The suspect has a growing cosmetics shop where he sells Brazilian hair, he is reported to have bought a new house around the same area as his shop.
The Police Public Relations Officer in Oyo State, Mr Olugbenga Fadeyi, when contacted told our correspondent that Egbu was in police custody.
He said the Divisional Police Officer in charge of Sango Police Station had begun investigation into the incident.
