The kidnappers of Chairman of Jezco Group, Chief Sir Joseph Ezeokafor, have reportedly demanded N1.5 billion ransom for his release, after initially asking the family to pay N700 million.

A source who claims to be close to the family, who spoke on condition of anonymity, disclosed this, saying the kidnappers had established contact with the family following Ezeokafor’s abduction.

According to the source, the kidnappers initially demanded N700 million, a figure which the victim’s family reportedly accepted as part of efforts to secure their father’s release.

The kidnappers, however, were said to have subsequently raised their demand to N1.5 billion.

The source said the family had remained willing to negotiate with the abductors but that the kidnappers had since stopped further engagement with the family.

It was gathered that the development had left the family in a difficult position as efforts to reopen communication with the abductors had reportedly not yielded results.

The latest revelation also provides fresh details on the circumstances surrounding the abduction of the Jezco chief, which had attracted considerable concern among his associates and members of the community.

Since a week after the kidnap of the septuagenarian businessman, police and state government authorities have remained silent on the incident.

The Anambra State Police Command has yet to make any official statement on the incident.

Ezeokafor was kidnapped on Tuesday at about 2am when he reportedly left his home for a prayer ground for his annual spiritual rejuvenation.

He was said to have left behind his security details when he stepped out of his house, giving his kidnappers easy access to him. (Arise News)