The former minister's release came after meeting all his bail conditions on Thursday, November 3.
According to a source cited by Punch, Obanikoro regained freedom at about 5pm on Friday, November 4.
"The EFCC just released Senator Obanikoro around 5pm. He is on his way home now," the source said.
It was gathered that the former minister met his bail conditions on Thursday, November 3.
The EFCC is still in possession of Obanikoro's American and Nigerian passports, it was learnt.
He was said to have returned N100 million out of the N4.7 billion he allegedly received through the Office of the National Security Adviser in 2014.
Report said the ex-minister also promised to return additional N480 million.
Out of the N4.7 billion, he allegedly took N785 million for himself and disbursed the rest to Governor Ayodele Fayose of Ekiti State and Senator Iyiola Omisore who was the governorship candidate of the Peoples Democratic Party in Osun State in 2014.