Abiodun is alleged to have attempted to front as an agent for two of his players, who are members of the Nigerian Under-20 national team, the Flying Eagles.
Supersport.com was further informed that the players claimed that Abiodun allegedly demanded money in the deal should the players be transferred from Sunshine Stars.
"Coach Henry Abiodun has been asked to step aside by the management of Sunshine Stars Football Club following allegations against him from two of our players. Right now the allegations will be investigated, and if he is found guilty, the club will take appropriate action and if he is not, then the suspension will be lifted and he will return to his position," spokesman of the Akure club, Wahab Bankole, told supersport.com on Thursday.
Abiodun's assistant, Kayode Julius, will now take charge of the team in a caretaker capacity pending when the investigation against his boss is concluded.
Julius's first game as caretaker head coach of Sunshine Stars will be at home to Enugu Rangers this weekend.
Suspended Abiodun was hired as Sunshine Stars head coach in December and has guided the Akure Gunners to 10th position in the 2013/14 Glo Premier League season with 14 rounds of matches to go.