Abductors of the Oloso of Oso Ajowa Akoko in Akoko North West Council area of Ondo State, Oba Omoola Jimoh, have reportedly reduced the ransom to N10 million.
They have, however, threatened to 'eliminate' the monarch if the family members failed to pay the ransom.
Oba Jimoh was dragged on the floor and abducted from his bedroom by six gunmen, at about 10pm, last week Thursday.
This is coming as traditional rulers in Akokoland have expressed fears over the manner one of them was molested and abducted.
They have, therefore, issued a 24-hour ultimatum to all the strangers farming in Ajowa community to produce the monarch alive.
The kidnappers had, on Saturday, demanded N100 million ransom before his release.
Speaking at an emergency security meeting by stakeholders at Oke Agbe, one of the victim's elder brothers, Samuel, said that the kidnappers have agreed to reduce the ransom to N10 million.
Samuel said: "The kidnappers have, since Thursday, opened a line of communication with the family members. They have reduced the ransom to N10 million.
"They have also threatened to eliminate our brother if we refuse to pay the ransom demanded.
" We the family are using this opportunity to appeal to the government, the security agencies and all the well-to-do Nigerians to assist us in rescuing our brother alive."
The victim, according to him, was a retired school headmaster.
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Meanwhile, speaking at the security meeting, the chairman of Akoko North West traditional council, Oba Yisa Olanipekun, said they were worried over the fate of one of them who was forcefully kidnapped to an unknown destination by gunmen since Thursday last week.
Oba Olanipekun called on the strangers farming in the community to fish out the kidnapped monarch.
The monarch also gave a 24-hour ultimatum to the strangers working in the farms across Ajowa community to produce the oba alive.
Also, speaking, the chairman of the local government, Ayodele Akande said the government was disturbed that the monarch could be abducted in such a manner.
Meanwhile, the state police image maker, Funmi Odunlami assured that the monarch would soon be rescued unhurt. Odunlami noted that the combined efforts of the police, Amotekun and the vigilante groups to rescue the monarch would soon yield a positive result.
Adding that the police were on top of the situation.
