Gunmen who kidnapped four residents in Isheri, Ogun State are demanding for N300 million for the release of each of the abductees, according to Channels Television.

The television station reported that the kidnappers who established contact with the families on Sunday said the captives would be released once the monies were deposited at a designated point.

But the Police assured that they are on massive manhunt for the kidnappers.

The Ogun State Commissioner of Police, Mr. Ahmed Iliasu told Channels Television that a combined team of 30 policemen have been deployed to the area in search of the kidnapped victims.

The four men were kidnapped during an aerobic session in the early hours of Saturday.

The Lagos based television station quoted an eyewitness as saying the three kidnappers who were all armed and masked, came in from the water side.