The women, aged between 15 and 28 years, were found in four different locations in the city, according to police spokesperson Bala Elkana, who said four children were also rescued.
Most of the women had been abducted “for the purpose of getting them pregnant and selling the babies”, a police statement says.
Two women were arrested during the raids, while the main suspect escaped after getting wind of the police operation.
The police said that male babies would be sold for $1,400 (£1,100) and the females for $830.
Those who said they accepted to sell their children to the syndicate claimed they were not offered the money promised, Nigeria’s media reports.
The police spokesperson said the victims come from different parts of the country and are usually lured with promises of employment as domestic workers in Lago.