Our correspondent gathered that Osaimayu, who was attached to the Lagos State Task Force on Environmental and Special Offences (Enforcement) Unit, Alausa, was arrested on Monday by the X-Squad of the Lagos State Police Command.
Our correspondent learnt that the X-Squad operatives had arrested a hoodlum in the area and found the cash on him.
The hoodlum, however, fingered the police sergeant, who was posted to the area, as his accomplice.
The state Commissioner of Police, Fatai Owoseni, who confirmed the dismissal on Wednesday, said four other policemen were dismissed for extortion and improper dressing.
Our correspondent gathered that the four dismissed policemen were Samuel Ando, Michael Adeoya, Richard Ugwu and Sulaiman Muhammed.
It was learnt that Adeoya was dismissed for allegedly wearing flip-flops while on duty, while Muhammed was dismissed for allegedly not wearing police uniform while on duty.
Speaking with PUNCH Metro while being paraded, Osaimayu, who was dismissed for bribe, said the money was received from motorists in the area and kept with the hoodlum.
The ex-policeman, who denied that the money was collected in his name, begged the CP to reverse the dismissal as he had no means to feed his family.