Kidnappers holding the Chairman of Jezco Group, Chief Sir Joseph Ezeokafor, have reportedly increased their ransom demand from N700 million to N1.5 billion.

Ezeokafor, an Anambra-based businessman and father of popular businessman Jowizaza, was reportedly abducted in the early hours of Tuesday, August 4, after leaving his residence for a prayer ground in Awka.

He was said to have gone out without his security personnel when the abductors reportedly seized him.

According to a source close to the family, the kidnappers initially demanded N700 million for his release, The Guardian reports.

The family reportedly agreed to the demand as part of efforts to secure his safe return. However, the abductors subsequently increased the ransom to N1.5 billion, the source told the publication.

The family is said to have remained willing to negotiate with the kidnappers in a bid to secure Ezeokafor’s release. However, 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, according to The Guardian.

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