The abducted man was taken from his residence on Thursday morning, with three security guards killed in the process.
Three security guards attached to the estate were reportedly killed during the operation which occurred on Thursday, February 9, 2017.
Channels News reported that Adekoya's abductors shot rapidly into the air before taking him away.
The incident followed a similar kidnapping of nine landlords living in the Isheri area towards the end of the year 2016.
State police commissioner, Fatai Owoseni has confirmed knowledge of the abduction while his men work diligently to find Adekoya.