The soldiers were part of the security team of an oil production company operating in the area.
Eye witnesses say the gunmen stormed the hotel where eight of the soldiers were camped in Omelema community.
Four of the soldiers died at the scene while a fifth was confirmed dead while being rushed to the hospital for treatment.
The hoodlums then proceeded to dump the Army patrol van in a nearby river before fleeing with the arms and ammunition belonging to the victims.
The reason for the attack remains unclear but there is an uneasy calm in the Local Government as residents continue with their daily activities.
The killing of 5 soldiers in Rivers State comes on the heels of a similar attack on four checkpoints in the state that left 9 security personnel dead.