Sources told Daily Post that the prince was called out of his house around 12am on Saturday and was shot in the chest.
Fear gripped the residents of the community as some men in a car welding guns were spotted around 8am on Saturday at Ofatedo.
There was a roadblock as at 8am in the community while businesses were closed down.
The Osun State Police Command Public Relations Officer, SP Yemisi Opalola confirmed the incident.
She said a group of suspected cultists numbering three invaded Olofa street, Ofatedo and called Okunloye out of his room and shot him in his chest.
She disclosed that the prince later died and his remains deposited at UNIOSUN Teaching Hospital mortuary for autopsy.
Opalola said no arrest has been made but promised that “frantic efforts are on to arrest the suspects.”