Micheal was apprehended alongside two of his accomplices, Nafiu Ojo and Abdullahi Lawal.
In a statement released by the command, Micheal's employer, Oluwoju Ojo Abiodun, complained to the police that he sent his apprentice to the bank to deposit N500,000 only for him to receive a call later that the boy has been kidnapped.
He said the so-called kidnappers ordered him to send the sum of N1,000,000 as ransom for the boy's release with the instruction that he should add N500,000 to the N500,000 found with the boy.
Police Public Relations Officer, Abimbola Oyeyemi, who confirmed the incident revealed that after much investigation carried out by the anti-kidnapping squad, Micheal emerged from his alleged kidnappers' den with tales of his fake abduction.
He said, "On interrogation, they narrated how Michael contracted them to act as kidnappers and put a call through to his boss in order to make away with the N500,000 in his possession.
"Upon their confession, Michael was arrested. He made a confessional statement that he only lodged in a hotel with two girls where he squandered his boss' money that he was supposed to deposit at the bank. The leftover of N120,000, being part of the money, was recovered from him."
The police spokesperson added that the suspects will be arraigned before a court after completion of investigation on the case.