The student was rescued and is being treated at hospital with serious burn wounds.
On Monday, administrators at Osun State University said that they were working with police to ensure the suspected cultists are arrested.
The university discovered the incident after the student failed to show up for exams. They contacted his parents who said he had been attacked and was being treated at hospital.
Eyewitnesses said they heard the student shout that he would not join the cult before he started screaming for help.
Violence around the cults has been the cause of a lot of concern in Nigerian universities and some schools.