A witness to the incident, who did not want her name published, told newsmen that the victim was on a motorcycle and heading towards Agodi Gate at 1.30 pm, when the hoodlums shot at him and snatched the bag containing the money.
She said that the two gunmen, who were also on a motorcycle, after snatching the money zoomed of leaving their victim in a pool of blood.
According to her, passersby who witnessed the robbery attack quickly rushed the victim to the University College Hospital for treatment.
However, another source said the victim died before getting to the hospital and his corpse had been deposited at the Adeoyo State Hospital at Ring road, Ibadan.
Two withdrawal slips of N296,000 and N150,000 from one of the new generation banks, with the account name Akano Taoreed Olasunkanmi and one pellet, were found at the scene of the incident.
Mr Sunday Odukoya, Executive Assistant on Security to Gov. Seyi Makinde, who visited the scene said he had alerted the Divisional Police Officer in charge of the area.
Odukoya promised to get more details about the incident, assuring that security personnel would nab the culprits.
When contacted for confirmation, the State Police Public Relation officer, SP Olugbenga Fadeyi said he was not on seat and was unaware of the incident.