Sources gathered that Egbu, who has a shop at the Sango area of Ibadan, the Oyo State capital, was caught by some persons around 12 noon on Saturday.
This caused traffic snarl as many people thronged the place to have a glimpse of the bizarre situation.
Eating human excreta is said to be the hallmark of Internet fraudsters, who also combine money rituals with cyber fraud.
Egbu, who has a thriving cosmetics shop where he sells Brazilian hair, was said to have been caught eating human excreta and bread. Those who caught him with the weird food combination were said to have raised the alarm, which attracted a huge crowd.
The trader, who is said to have bought a house and rebuilt it around the same area, was however rescued before he could be lynched. He was taken to the Sango Police Station.
The Police Public Relations Officer in Oyo State, Mr Olugbenga Fadeyi, when contacted told our correspondent that Egbu was in police custody.
He said the Divisional Police Officer in charge of Sango Police Station had begun investigation into the incident.
The PPRO said, “The DPO told me that some people rescued the man from those who accused him of eating excreta and bread. They said they found some excreta which he packed inside a nylon bag. He was caught and taken to the police station.
“The DPO has taken over the case and the man is already in custody. He has begun investigation into the case and samples of what was found on him would be sent for laboratory analysis.
“He has taken the man’s statement also, and after the investigation at that level, the case will be sent to the State Criminal investigation Department at Iyaganku for further investigation. Investigation will reveal if he is involved in money ritual or not.