The man, whose name was not disclosed by the police and said to be a resident of Igbogbo in the Ikorodu area of the state, was apprehended after the mother of the child reported the incident to the police.
The Commissioner of Police in the state, Mr Moshood Jimoh, has ordered the transfer of the case to the State Criminal Investigation Department (SCID), Panti, for further investigation.
“I went to the location with my sister, where a man sent by the buyer collected the baby and the woman transferred N2 million to my account,” he said.
The suspect said he gave his sister N500,000 out the money and used the remaining amount to organise their mother’s burial.
He said after the burial, his sister demanded the return of her baby, alleging that he used charms on her to convince her to sell the child.
“My sister later said she was not aware of the sale, and reported me to the police which led to my arrest,” he said.
The suspect said he did not know the buyer personally and had no information about her address, adding that her phone number had not been reachable since the purchase.
The Deputy Commissioner of Police in charge of SCID, Mr Dayo Akinbisehin, disclosed on Friday that investigations into the case were ongoing, adding that he would be charged to court upon conclusion of investigations.

