He was founded dead on Monday in his apartment within the school premises.
People close to him said he was strangled to death by suspected assassins after he was attacked in front of his official quarter.
An unconfirmed report also claimed that Col. Okeyim’s throat was slit open by his killers.
The school is located in secluded Bode Igbo area of Ibadan, which is close to the border territory between Oyo and Ogun states.
Although the large property is fenced, the school is largely surrounded by thick forests and there have been reports of encroachment on the land by some people in the past.
The Oyo State Police Command Public Relations Officer, Adekunle Ajisebutu, said the matter is being treated as a murder case.