The initial demand was N120 million.
The incident occurred on Thursday as the school was resuming.
It was gathered that kidnappers have reached out to the families of the victims.
While one of the parents was told to produce N20 million, another was asked for N10 million.
Meanwhile, Lagos State Governor Akinwunmi Ambode, on Sunday ordered the immediate demolition of all shanties around the creeks and on the waterways.
Ambode gave the order when he visited the Ilubirin LagosHomes project during an inspection tour of some parts of the state.
He asked all illegal occupants of the shanties to leave within seven days and stressed that the safety of citizens was paramount, hence the government’s zero tolerance for kidnapping and other crimes.
Ambode assured residents that government would review the laws on kidnapping and promised prompt and quick rescue of the students and teachers of Igbonla Model College, Epe, kidnapped on Thursday in their school
“Most of the issues we have with kidnapping are perpetrated by illegal settlers by the waterfront.
“All shanties along the waterfront of the state must go because the safety of Lagosians is paramount in this administration.
“We will not allow a few set of people who come into Lagos illegally, then stay on our waterfront and use it as an opportunity to kidnap our people.
“We want to assure our people that we are up on the Igbonla kidnap and very soon we will get the students and the teachers back.
“I believe the era of kidnapping has come to an end and I can tell you sincerely, we will deal with kidnappers from this moment on,” Ambode said.
Lago State Commissioner of Police, Mr Fatai Owoseni, had disclosed that he deployed large number of police operatives to locations regarded as flash points in the state.
“These flash points will be policed on a 24-hour basis, starting from now on.
“Members of the public are to assist in giving timely information about any suspect,” Owoseni said.