Citi FM can confirm that the Managing Director of Intercontinental bank Ghana limited, Albert Mmegwa was kidnapped last two days by unidentified kidnappers.

The incident which occurred around his residence at the Transaaco Valley, involved Mr. Albert Mmegwa and his driver who was then driving him home in his range rover vehicle.

Fear is said to have gripped residents at the Trasaaco Valley following the incident, who became alarmed with some even deciding to stay indoors until issues are resolved.

The security service operating in the area is said to have issued a directive to residents to be watchful and report any subsequent suspicious activities in the area.

When contacted the Corporate Affairs Manager of the bank, Robert Nunoo declined to comment on the incident but indicated that the Managing Director is in good health and will be at post at the bank on April 9 2009.

Though it is not clear the origin and nationality of the kidnappers, credible information available to Citi FM say they were paid a huge ransom running into some millions of dollars before releasing the Managing Director.