Kidnappers holding the Chairman of Jezco Group, Chief Sir Joseph Ezeokafor, have reportedly raised their ransom demand from ₦700 million to ₦1.5 billion, heightening fears over the safety of the septuagenarian businessman.
Ezeokafor was reportedly abducted in the early hours of Tuesday after leaving his residence for a prayer ground as part of his annual spiritual retreat. He was said to have travelled without his security personnel.
A source close to the family said the abductors initially demanded ₦700 million for his release, prompting the family to open negotiations in an effort to secure his safe return.
The kidnappers, however, later increased the demand to ₦1.5 billion, according to the source.
The development has complicated negotiations, with the abductors reportedly cutting off communication with the family.
“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 blackout has left the family unable to establish direct contact with the kidnappers or obtain reliable information about Ezeokafor’s condition.
Ezeokafor is the founder and chairman of Jezco Oil and Lubricants and has built a reputation as one of the prominent businessmen from Ekwulobia, Anambra State.
He has interests in the petroleum business and has also been recognized for his philanthropic activities, particularly in education.
In 2023, the Catholic Bishop of Nnewi Diocese, Most Rev. Jonas Benson Okoye, praised Ezeokafor for supporting schools and running a scholarship programme for underprivileged students.
The businessman was also honoured with a Lifetime Achievement Award by The Sun in 2025 for his contributions to job and wealth creation, industry and philanthropy.
His business interests have made him a prominent figure in Anambra’s commercial community. Recent reports identified him as the Chief Executive Officer of Jezco Oil Nigeria Limited and Jezco Plastic.
More than a week after the reported abduction, there was no official confirmation from the Anambra State Police Command or the state government at the time of filing this report.
The absence of an official account has left details surrounding the incident largely dependent on information from family sources and other individuals familiar with the development.
The reported kidnapping comes amid persistent concerns over insecurity and abductions in parts of the South-East, where wealthy businessmen and other prominent residents have increasingly been targeted.
The family is understood to remain focused on securing Ezeokafor’s safe release, while the reported suspension of communication with the kidnappers has added uncertainty to the situation.
Authorities have yet to publicly disclose whether security agencies have launched a formal operation to locate the businessman or establish contact with his abductors.
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