The gunmen who abducted four pupils, teacher and vice-principal of Lagos Junior Model College, Igbonla, Epe, have contacted their families to demand ransoms.
Our correspondent learnt that local vigilance group members have also started combing the bush in the Igbonla area to try their luck in finding the victims.
Indications emerged from a top police source on Friday that the gunmen are believed to still be within the town, as the police and navy have blocked all possible waterways of escape.
It had been reported that the attackers, comprising five men and a woman, at about 8am on Thursday, stormed the school.
The pupils, who were reportedly holding the morning assembly in a hall, were thrown into confusion as the abductors shot sporadically into the air.
In the ensuing confusion, four pupils, namely Isaac Adebisi, Okonkwo Emmanuel, Abu and Jeremiah, were taken away by the assailants.
The English/Civic Education teacher, Lukman Oyerinde, and the Vice Principal, A.O. Oyesola, were also taken away.