The kidnappers had demanded N50 million ransom, according to the police.

The police in Akwa Ibom State said they have rescued a 63-year-old man who was recently kidnapped by gunmen in the state.

The rescued man is a retired worker of Shell Petroleum Development Company.

The police spokesperson in Akwa Ibom, Timfon John, disclosed this in a statement on Monday in Uyo.

Ms John, an assistant superintendent of police, said that the victim, who was abducted on 17 June and held hostage by his abductors, was rescued unhurt in a compound at Ikot Udobong Village in Etim Ekpo Local Government Area of Akwa Ibom State.

She said that the rescue followed reliable intelligence information which prompted the police operatives to swing into action.

Ms John said that the kidnappers engaged the police rescue team in a shootout.

"Upon sighting the police, the kidnappers opened fire at them, one of the kidnappers was fatally wounded in the process while the others fled," she said.

The police spokesperson said that the Commissioner of Police in Akwa Ibom, Waheed Ayilara, had ordered the command's SWAT operatives to immediately swing into action.

"Efforts are seriously ongoing to arrest the fleeing members of the gang for possible prosecution," she said.

The police spokesperson said that preliminary investigations revealed that the kidnappers had initially demanded N50 million ransom.

"They later agreed to take N20 million, but I tell you on good authority that no ransom was paid as at the time of the rescue," she said.