The abductors of Jezco Group Chairman, Chief Sir Joseph Ezeokafor, have reportedly increased their ransom demand from N700 million to N1.5 billion, according to Arise TV.
Ezeokafor, a septuagenarian businessman, was reportedly abducted in the early hours of Tuesday while travelling to a prayer ground for his annual spiritual rejuvenation.
A source close to the family, who spoke anonymously, said the kidnappers initially demanded N700 million for his release.
The family was reportedly willing to negotiate and raise the money to secure his freedom. However, the abductors subsequently increased the demand to N1.5 billion.
The source said communication between the kidnappers and the family had since broken down, despite the relatives’ reported willingness to continue negotiations.
Ezeokafor was said to have left his residence at about 2am without his security details, a situation that reportedly exposed him to the abductors.
The development has heightened concern among his family, associates and members of his community, while efforts to establish contact with the kidnappers have reportedly been unsuccessful.
About a week after the reported abduction, neither the Anambra State Police Command nor the state government has publicly commented on the incident.
Ezeokafor’s whereabouts and the status of efforts to secure his release remain unclear.