The man was released on Sunday, two days after he had been seized outside Lagos airport, following his arrival in the country.
It is not known if a ransom was paid to secure his release.
Kidnappings of both foreigners and wealthy Nigerians for ransom are fairly common in parts of the country.
Earlier this month, the three-year-old son of a state legislator and four Chinese nationals were reported kidnapped, according to the Associated Press news agency.
Nigerian police free kidnapped Briton
Kano – Nigerian police freed a British man kidnapped almost a week ago near Lagos international airport, local newspaper This Day reported on Monday.
The Briton was abducted on Tuesday, shortly after leaving the airport in Nigeria’s commercial capital.
Police tracked the suspects by the phone number used to make a $1m ransom demand from the victim’s family, according to the daily.
The British national was held in an unfinished two-storey building in the Okota Isolo area of Lagos state.
One suspect has been arrested.
Kidnapping and piracy are booming businesses for gangs in the oil-rich West African country, with foreigners frequently targeted.
– SAPA