The money had been withdrawn from a local bank to pay for services delivered to the school.
According to witnesses, the principal was accosted shortly after leaving the bank. The attackers forced him into a vehicle and drove off.
Hours later, he was found abandoned along a roadside, visibly shaken and disoriented. Passersby rushed him to hospital for treatment.
Police have launched a probe into the incident, describing it as a well-planned attack. Detectives believe the criminals may have trailed the victim from the bank, knowing he was carrying a large sum of money.
Members of the public with any leads are urged to contact the nearest police station.
This case adds to a growing number of robberies reported in the country, particularly targeting individuals immediately after withdrawing cash from banks.
Police have reminded the public to be vigilant and report any suspicious activities immediately.