He took his oath of office at exactly 10:48am on Wednesday. Akeredolu was sworn in along with his deputy, Lucky Aiyedatiwa.
The event took place at the International Culture and Event Center, Igbatoro Road, Akure.
Only 500 people were allowed at the ceremony in compliance with COVID-19 protocols.
The oath of office was administered by the Chief Judge of the State, Olarenwaju Akeredolu.
Governors present at the occasion were Babajide Sanwo-Olu of Lagos State; Kayode Fayemi of Ekiti State; Dapo Abiodun of Ogun State and Gboyega Oyetola of Osun State.
Former Governor and APC chieftain, Bisi Akande was also at the event.
Mr Akeredolu was re-elected governor of the state on October 10, 2020, on the platform of the All Progressives Congress.
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