The monarch was on his way to visit a community leader when he received a call to come to a restaurant in Magodo regarding a land transaction.
The abduction was said to have occurred on Wednesday, July 5.
The family of the monarch is claiming that the abduction is connected with the rivalry between him (Ogundare) and another traditional ruler in the community, Oba Jamiu Lawal.
Lawal, however, denied any involvement in the abduction of his alleged rival.
According to Punch, Ogundare, 46, was on his way to visit a community leader, identified as Baba Ade Iga, when he received a call to come to a restaurant at the CMD area regarding a land transaction.
The Baale, who was said to be in his car with his younger brother, then changed their route and headed to the restaurant.
The monarch's brother, who pleaded anonymity, recalled that upon arrival at the restaurant, they met with three men. He said the men requested that he (brother) should be excused from the meeting.
After excusing them, he said they had a brief discussion with the Baale, which after they asked to be led to Magodo, where the piece of land was.
"They asked us to leave our car and join them in a Toyota Venza they brought. Baale sat at the back between the two of them, while I sat in the front. We were about to leave, when I saw a pump-action gun beside the driver," the brother said.
"I raised the alarm and struggled for the steering with him. He parked and pushed me out of the car. They linked Lagos-Ibadan Expressway and zoomed off. I don’t know them, but I can recognise them. The incident happened around 11.15am."
Lamenting the situation that led to the abduction, wife of the victim, Adebisi Ogundare, alleged that her husband's life has been under threat since Lawal was installed as a traditional ruler of the community a few months ago.
She said, "My husband is the only paramount ruler recognised in the community. But sometime in April, Jamiu Lawal declared himself the ruler. The last time we were in court, somebody from his camp said my husband would soon be abducted. We reported at the Lagos State Police Command and zone 2. They said investigation was ongoing."
Defending himself, Lawal said his hands are clean. He added that he was pronounced ruler of the community in several court rulings.
He said, "I don’t know anything about his abduction. Both of us were invited for a meeting to resolve the issues in Alausa, Ikeja. The meeting was slated for 4pm yesterday (Wednesday).
"I have been crowned and given a certificate by the government. The matter went through a tribunal and a high court and I won. We were invited by the police from zone 2 and I tendered all the documents. I have no hands in his abduction."
Confirming the incident, the Lagos State Police Public Relations Officer, Olarinde Famous-Cole, said investigation is ongoing.