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

Ezeokafor, a septuagenarian businessman and father of socialite Jowizaza, was reportedly abducted in the early hours of Tuesday after leaving his residence for a prayer ground as part of his annual spiritual rejuvenation. He was said to have gone out without his security personnel.

A source close to the family said the abductors initially demanded N700 million for his release, with the family reportedly agreeing to the demand as part of efforts to secure his safe return.

However, the kidnappers subsequently raised their demand to N1.5 billion, according to the source.

The family is said to have remained open to negotiations, but the abductors have reportedly stopped communicating, further complicating efforts to secure Ezeokafor’s release.

“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.

The communication breakdown has reportedly made it difficult for the family to establish contact with the kidnappers or ascertain the businessman’s condition.

The development has heightened anxiety among Ezeokafor’s family, associates and members of his community, who are reportedly concerned about his safety.

More than a week after the reported abduction, the Anambra State Police Command and the state government were yet to issue an official statement on the incident, according to reports.

The reported increase in ransom has added another layer of uncertainty to the family’s efforts to negotiate the businessman’s release and bring the ordeal to an end.