The abductors of the Chairman of Jezco Group, Chief Sir Joseph Ezeokafor, have reportedly increased their ransom demand to N1.5 billion, according to a report by Arise TV.

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 rejuvenation.

A source close to the family, who spoke on condition of anonymity, told Arise TV that the kidnappers initially demanded N700 million for the businessman's release. The family was reportedly prepared to negotiate the payment in a bid to secure his freedom.

However, the abductors were said to have subsequently raised their demand to N1.5 billion.

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The source further disclosed that communication between the kidnappers and the family had since broken down, despite the family's reported willingness to continue negotiations.

The development has reportedly left the businessman's relatives in a difficult situation as attempts to re-establish contact with the abductors have so far been unsuccessful.

Ezeokafor was said to have left his home at about 2am without his security details, reportedly making him vulnerable to the abductors.

The incident has generated concern among his associates and members of his community.

However, neither the Anambra State Police Command nor the state government has publicly commented on the reported abduction of the businessman, about a week after the incident.

The circumstances surrounding his whereabouts and the current efforts to secure his release remain unclear.