The passengers who were aboard a Toyota Sienna space bus were in transit through the vicinity when the incident occurred.
The victims were on their way to Lagos from Abuja when the gunmen struck and waylaid their vehicle at the Isua-Akoko axis in Akoko South East Local Government Area of Ondo State.
Confirming the incident, the Police Public Relations Officer, PPRO in the state, ASP Tee-Leo Ikoro, however, said one of the victims has been rescued.
A family member of one of the victim, Bamidele Ojo, confirmed that the kidnappers have demanded N100m ransom.
ASP Ikoro said efforts were on to ensure the release of other victims.
Ikoro said the police were working with hunters, local vigilante and other security agencies.