Obodo, who spent this season on loan at Lecce, was kidnapped in his hometown of Warri by a group of armed men on Saturday morning.
Sky Sport Italia reported that Obodo's agent Bruno Carpeggiani said the family agreed to pay the 150,000 ransom and secured his release.
The midfielder's girlfriend confirmed the news by phone, assuring he was "free, in good condition and sitting next to me in the car. We paid a ransom."
Other reports in the local media claim police freed Obodo, so no ransom was paid.
It's believed the family was particularly anxious to resolve the matter peacefully, as Obodo was kidnapped on his way into church.
Today in Nigeria two church services were attacked by Boko Haram militants in the cities of Jos and Blu.