The Ondo State Police Command said 10 out of the 16 traders abducted on Saturday morning have been rescued.
It said the traders were abducted along the Akure-Owo highway by gunmen.
Spokesman for the Ondo Police Command, ASP Tee-Leo Ikoro, who gave the update in a chat with newsmen said the police was supported by other security agencies.
Ikoro said the 10 traders were rescued after a gun duel with their abductors.
He said four of the suspected kidnappers were arrested while efforts were on to rescue six other victims.
It was gathered that the traders were returning from Akure where they attended the monthly meetings of Iyalaje, Iyalojas and women leaders when they were abducted between Ogbese and Uso.
Among those abducted were Mrs Hellen Edward, the Iyaloja of Isua Akoko.
Their driver simply identified as Jimi who was asked by the abductors to go and inform families of the victims said they were returning from Akure when they ran into 10 gunmen shooting sporadically to scare people.
He said occupants of two other vehicles were equally robbed and the occupants kidnapped.
It was learnt that the abductors had already demanded N11m ransom before the gun battle.