The two identified as Ahmed Fatai and Olufemi Adaramola were arrested in the Ijebu Igbo area of Ogun State on Friday.
The victim, whose name was not disclosed, reported the case after the suspects had allegedly collected N5m from him.
According to the police, the suspects had asked the victim to pay N75m for a concoction in order to have good luck, Punch reports.
The suspects were said to have collected N5m from him, after which the victim claimed he regained consciousness.
“They said they were herbalists from the Ijebu Igbo area, and they could also prepare a concoction for him for good luck.
“The victim was thereafter taken to Ijebu Igbo for special prayers for good luck. After the prayers, they asked him to pay N75m. He had paid them N5m before he regained his consciousness and reported the matter to the police.
“It was discovered that the duo usually changed their dressing at every point to deceive unsuspecting people. Fatai had dressed like an old man when he met the man in Ikeja. The victim said he did not know how he gave the money to them.”
The Zone 2 police spokesperson, SP Muyiwa Adejobi, confirmed the arrest, adding that the suspects would be charged to court at the end of investigation.
He said, “The suspects were arrested with a live snake and some fetish items which they used for their dirty and criminal deals.
“The Assistant Inspector-General of Police, Abdulmajid Ali, has directed that they be charged to court. We want Nigerians to be careful and report suspicious individuals, who do not have a legitimate means of livelihood.”