In a significant development, the Managing Director of Fouani Company, a prominent representative of LG and Hisense, Mohamed Fouani, who was kidnapped along with two Lebanese nationals, a boat captain, and his assistant, has been rescued.

The five victims were rescued late on Monday night in the Orugbo Iddo area of Lagos.

According to Police Public Relations Officer Benjamin Hundeyin of the Lagos State Police, the rescue operation was carried out by the Lagos State Marine Police with the support of the Nigerian Navy.

Hundeyin confirmed the rescue, stating that the victims were brought to shore by the marine police and then taken to their home on Banana Island in the early hours of Tuesday.

The kidnapping occurred on Friday while the boat captain and his assistant, along with two other Lebanese nationals and the Managing Director of Fouani Company, were sailing from Apapa to Victoria Island.

The kidnappers Relations demanded a ransom of $1.5 million, but it is unclolear at this time whether any ransom was paid before the hostages were freed.