Oloyede had allegedly used a machete to kill the two brothers, Ajani Awodele and Julius Awodele.
It was gathered that the suspect hacked the brothers to death in their separate rooms in Latimogun compound of the community.
Thereafter, it was learnt that Oloyede reported himself to the head of the compound.
The suspect and the deceased had lived in the same compound amicably for several years before the incident.
However, investigation by our correspondent, on Thursday, showed that the police were exploring the possibility that Oloyede might be suffering from mental disorder, among other clues.
Another clue being explored by the police, our correspondent gathered, was that the suspect was allegedly high on marijuana before the incident.
The denial by the suspect, who had reportedly confessed to committing the crime shortly after the killings, has thrown up some new perspectives on the case.
The Commissioner of Police, Mrs. Kalafite Adeyemi, who confirmed the killings, said the police would get to the root of the case.
A top police officer, who spoke on condition of anonymity, said the tale of the suspect was unbelievable.
The officer said, “He (the suspect) is claiming that someone else committed the crime. We do not believe this tale hook, line and sinker.
“In the same vein, we are going to leave it open for investigation. But a person can run amok this minute and the next minute, he is okay.
“We are going find to out the motive behind the crime and we will come up with a credible conclusion.”
A resident, Alhaji Musibau Adetokunbo, who spoke at the scene of the crime, said the dismembered bodies of the victims were found in a pool of blood.
“It was a gory sight; there was blood everywhere. It was piteous. After he committed the act, he went to the head of the compound and reported himself,” Adetokunbo said.
Subsequently, the head of the family reported the case at the divisional police station in Ipetumodu, where detectives were deployed to arrest Oloyede.
The Divisional Police Officer in charge of Ipetumodu Police Division, Mr. Musa Okene, who confirmed the incident, said the case had been transferred to the state Criminal Investigations Department, Osogbo, for further investigation.
He said the corpses of the victims had been deposited at the morgue of the Obafemi Awolowo University Teaching Hospital Complex, Ile-Ife, for autopsy.