Kidnappers holding the Chairman of Jezco Group, Chief Sir Joseph Ezeokafor, have reportedly increased their ransom demand from N700 million to N1.5 billion, raising fresh concerns over the fate of the Anambra businessman.

Ezeokafor, a septuagenarian businessman, was reportedly abducted in the early hours of Tuesday after leaving his residence for a prayer ground as part of his annual spiritual rejuvenation. He was said to have gone out without his security personnel.

A source close to the family said the abductors initially demanded N700 million for his release. The family reportedly agreed to the demand as part of efforts to secure his safe return.
However, the kidnappers subsequently raised the ransom to N1.5 billion, according to the source.

The family is said to have remained open to negotiations, but the abductors have reportedly stopped communicating with them.

“The family has been willing to negotiate and do whatever is necessary to secure his release, but the kidnappers have suddenly stopped communicating,” the source said.

The communication breakdown has reportedly complicated efforts by the family to establish contact with the kidnappers and ascertain Ezeokafor’s condition.

The development has heightened anxiety among the businessman’s family, associates and members of his community.

More than a week after the reported abduction, the Anambra State Police Command and state government were yet to issue an official statement on the incident, according to reports.