He was said to have dropped off his driver along the way and was heading home in his Camry car when he was waylaid by the assailants.
The men reportedly dragged him out of his car and hacked him with an axe.
The assailants then took him back to his car, which they set on fire before fleeing the scene.
The monarch’s charred remains were recovered on Thursday by policemen from the state command.
A family source, who spoke on condition of anonymity, said the attackers went away with the Oba’s phone.
He said, “He went for a meeting of traditional rulers in Ilaro. While returning, he greeted some of his family members at Owode. He was there till evening.
“He later left for Oke Odan around 10pm. He dropped off his driver along the way and continued his journey to his hometown, where he was the king. He was about a mile away from his house when he was assassinated.
“His family had looked for him throughout the night and when they didn’t see him, they thought he slept over in the house of one of his wives or somewhere else.”
The family source said during a search for the deceased, his charred remains were recovered in his car.
He explained that blood traces were seen in a bush near the scene, including a bloodstained axe, which the police took away.
The state Police Public Relations Officer, Abimbola Oyeyemi, confirmed the incident.
He said, “The monarch was gruesomely murdered. He was burnt to death in his car. We have started investigations already. The driver is in our custody and we will get to the root of the case.” Receive Instant News Update Via BBM: D3EDEFDF...Click HERE for Details. Share your story with us: email@example.com PLACE YOUR TEXT ADVERT BELOW:>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> How I TOTALLY Got Rid Of my POT BELLY,excess Fat and Overweight In just 2weeks.. Click HERE for Details. Warning To Men: This 3 Foods Is Killing Your Erection. Click Here To Know Them