Kidnappers raise demand to N1.5bn for release of Jezco Group Chairman

The kidnappers of the chairman of Jezco Group, Chief Sir Joseph Ezeokafor, have reportedly increased their ransom demand from N700 million to N1.5 billion, leaving the businessman’s family facing mounting uncertainty over his release.

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 familiar with the development, who spoke on condition of anonymity, said the abductors initially established contact with the family and demanded N700 million for the businessman’s release.

According to the source, the family reportedly agreed to the initial demand as part of efforts to secure Ezeokafor’s safe return.

However, the kidnappers were said to have subsequently increased the ransom to N1.5 billion, significantly raising the financial burden on the family.

The source said the family remained prepared to negotiate with the abductors but that communication had since broken down, with the kidnappers reportedly no longer responding to attempts to re-establish contact.

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The development has heightened concerns among relatives and associates of the businessman, as efforts to reopen communication with the kidnappers have reportedly failed.

Ezeokafor was said to have left his residence at about 2am on Tuesday to attend a prayer session as part of his annual spiritual retreat. He reportedly left his security personnel behind when he stepped out, a situation believed to have made it easier for the abductors to intercept him.

The incident has generated concern within the business community and among residents, particularly amid persistent security challenges in parts of Anambra State.

However, nearly a week after the abduction, there has been no official statement from the Anambra State Police Command regarding the incident.

State government authorities have also reportedly remained silent on the matter.

The lack of official information has left the circumstances surrounding the abduction unclear, while the family continues to seek a way to secure the businessman’s safe release.

Ezeokafor is the chairman of Jezco Group, a business conglomerate with interests in manufacturing and other commercial activities.

As the family awaits further contact from the abductors, concerns are growing over the businessman’s safety and the implications of the escalating ransom demand.

The reported increase from N700 million to N1.5 billion has further complicated negotiations, while the apparent breakdown in communication has added to the family’s distress.