The bandits, who abducted the students and staff of the College of Agriculture and Animal Science, Bakura in Zamfara State, are demanding N350 million for their release.
The provost of the college Habibu Mainasara confirmed this to journalists on Tuesday.
He also confirmed that a total of 20 people were abducted, including 15 students, 4 staff, and a driver.
Armed bandits had stormed the institution around 11 pm on Sunday and kidnapped the students and staff of the college.
Two watchmen and a police officer were also killed during the attack.