The abductors of Anambra businessman and Chairman of Jezco Group, Chief Sir Joseph Ezeokafor, have reportedly increased their ransom demand to ₦1.5 billion. The latest demand comes after the kidnappers initially requested ₦700 million for the release of the septuagenarian businessman.

Ezeokafor was reportedly abducted in the early hours of Tuesday while travelling to a prayer ground for his annual spiritual rejuvenation. He is also the father of businessman and socialite Joseph Ezeokafor Jr., popularly known as Jowizaza.

According to reports, communication between the kidnappers and the businessman’s family has since broken down, despite the family’s reported willingness to continue negotiations. The development has heightened concern over the businessman’s safety as efforts to re-establish contact remain unsuccessful.

The reported ransom increase has further complicated efforts to secure Ezeokafor’s release. As of Thursday, there was no indication that the businessman had been freed, while the circumstances surrounding his abduction and the identity of those behind it remain under investigation.