He was said to be driving a bus when the incident reportedly happened along the Mokola-Sango Road in Ibadan, the Oyo State capital.
He was stabbed on the left side of his chest before he was shot by his assailants.
He was said to be breathing when he was rushed to the hospital for treatment.
Nobody knew the whereabouts of the second person said to be on the bus with the victim when the incident happened.
Spokesman of the state police command, Mr Adewale Osifeso, confirmed the killing of the businessman.