After receiving the sum N5 million, kidnappers released Ayo Oladele, the Secretary of the Alumni Association of Christ School in Ado Ekiti, Ekiti State.
He was freed on Tuesday night since last weekend.
Two other individuals reported to be twins, Kehinde and Taiwo Olowoafara, who were also kidnapped in the same state are yet to regain freedom.
The Ekiti State Police spokesperson, Caleb Ikechuckwu, confirmed that Mr Oladele had been freed.
It should be recalled that the kidnappers earlier demanded N10 million.