The incident occurred early Tuesday morning following an argument between the officers on the sharing formula.
The duo went on an operation where they were rewarded with N20, 000.
The deceased was of the opinion that they should give their Divisional Police Officer (DPO) part of the money, while the other objected.
While the argument ensued, the enraged police officer allegedly brought out his gun and shot his colleague.
The deceased, a native of Ondewari community in Southern Ijaw Local Government area of Bayelsa, is survived by two wives and children.
His remains have been deposited at the morgue of Federal Medical Center, Yenagoa.
Sympathisers were seen trooping to the deceased residence at Swali to pay condolences to his family.
Some of them, who spoke with our correspondent, described him as a “jolly good fellow.’’
When contacted, the spokesman for the command, Mr. Asinim Butswat, said he was yet to be briefed on the incident.