Olaniyan recently defected from the Peoples Democratic Party to the All Progressives Congress, forcing the ruling PDP in the state to ask him to resign or be ready to be sacked.
The petition for his removal was signed by the PDP lawmakers in the state.
24 out of the 32 members of the House signed the petition against Olaniyan which was read during plenary on Wednesday.
In the petition, the deputy governor was accused of gross misconduct, abuse of office, financial recklessness, abandonment of office and official duties, insubordination and other offences.
Lawmakers that signed the petition are Fadeyi Muhammed (Ona Ara), Onaolapo Sanjo (Ogbomosho South), Babalola Olasunkanmi (Egbeda), Adebisi Yussuf (Ibadan South-West 1), Okedoyin Julius (Saki West) and Adebayo Babajide (Ibadan North 2).
Others are Kehinde Olatunde ( Akinyele 2); Gbadamosi Saminu (Saki East/Atisbo), Mabaje Adekunle (Iddo), Oluwafowokanmi Oluwafemi (Ibadan South-West 2), Akeem Adedibu (Iwajowa), Fatokun Ayo (Akinyele 1), Rasak Ademola (Ibadan South-East 1), Obadara Akeem (Ibadan North-West), Oyekunle Fola (Ibadan North 1), Adetunji Francis (Oluyole).
Others are Olajide Akintunde (Lagelu), Mustapha Akeem (Kajola), Popoola Ademola (Ibadan South-East 2), Owolabi Olusola (Ibadan North-East 2), Olagoke Olamide (Ibadan North-East 1), Olayanji Kazeem (Irepo/Olorunsogo), Ojedokun Peter (Ibarapa North/Centre).
The petition was read by the Clerk of the House, Yetunde Awe.
The Speaker of the House, Adebo Ogundoyin, later said the petition met the two-thirds requirements to initiate the impeachment process.
The Speaker said the lawmakers would give the deputy governor a seven-day period to respond to the allegations raised against him.