The kidnappers of the Chairman of Jezco Group, Chief Sir Joseph Ezeokafor, have reportedly increased their ransom demand from N700 million to N1.5 billion for his release.

Ezeokafor, a septuagenarian businessman, was reportedly abducted in the early hours of Tuesday while on his way to a prayer ground for his annual spiritual retreat.

A source close to the family, who spoke on condition of anonymity, said the abductors initially demanded N700 million after establishing contact with the businessman’s relatives.

According to the source, the family reportedly accepted the initial demand as part of efforts to secure Ezeokafor’s safe release.

The kidnappers, however, allegedly raised the ransom to N1.5 billion, further complicating efforts by the family to negotiate his release.

The source said the family remained willing to negotiate with the abductors but claimed that communication had subsequently broken down.

The development has reportedly left the family increasingly concerned, as attempts to re-establish contact with the kidnappers have so far yielded no positive result.

Ezeokafor’s abduction has generated concern among his associates, business partners and members of his community.

He was reportedly kidnapped at about 2am after leaving his residence for a prayer ground. Sources said he had left his security details behind when he stepped out of his home, reportedly making him vulnerable to the attackers.

The incident occurred about a week ago, but the Anambra State Police Command and state government have yet to issue an official statement on the reported abduction.

The identity and whereabouts of the kidnappers also remain unknown, while there has been no official confirmation of the ransom demand.

Efforts to obtain further details from the police were ongoing as of the time of filing this report.