The Economic and Financial Crimes Commission (EFCC) detained Ismaila Yusuf Atumeyi in Abuja, and he has since been sent to Lagos.
For alleged bank fraud, police detained the New Nigerian Peoples Party (NNPP) candidate for the Kogi State House of Assembly in the 2023 election.
Wilson Uwujaren, the EFCC’s head of media, provided the information in a statement on Wednesday.
According to the spokesperson, Atumeyi will undergo additional questioning by agents from the Lagos Command.
The suspect is in custody with two others, Joshua Dominic and Abdulmalik Salau Femi, a former bank employee.
They allegedly hacked into the system of a commercial bank and defrauded the institution of over N1.4billion.
The agency recovered N326million and $140,500 from Atumeyi during an operation at his hideout in Queens Estate, Gwarinpa.
In Lagos, a team of EFCC operatives found $470,000 in the possession of Abdulmalik.