Mr Hundeyin maintained that the police were actively managing the situation and intensifying rescue efforts.

The Lagos State Police Command is intensifying its search for the Managing Director of Fouani Company, Mohamed Fouani, and three brothers - Abbas Fouani, Youssef Fouani and Amtal Fouani, who were kidnapped on the Lagos waterway on Friday evening.

The victims were kidnapped around Falomo Bridge, Ikoyi, Lagos while travelling from Apapa to Victoria Island by boat.

The state Police Public Relations Officer, Benjamin Hundeyin, a superintendent of police, confirmed over the weekend that the command was aware of the incident and "was looking into it."

However, as of Monday morning, the whereabouts of the victims remain unknown.

Unconfirmed reports stated that the kidnappers had made contact with the company and family, demanding a $1.5 million ransom.

But, according to Mr Hundeyin, "there has not been any contact yet."

He refused to divulge "sensitive information" because it could jeopardise police search for the kidnappers and the lives of the victims.

Mr Hundeyin maintained that the police were actively managing the situation and intensifying rescue efforts.