Kidnappers holding the Chairman of Jezco Group, Chief Sir Joseph Ezeokafor, have reportedly raised their ransom demand to ₦1.5 billion, nearly double their initial request.

A source close to the family, who spoke on condition of anonymity, said the kidnappers initially demanded ₦700 million for Ezeokafor’s release, a figure the family reportedly accepted as part of efforts to secure his freedom.

The abductors, however, subsequently raised the demand to ₦1.5 billion before cutting off communication with the family entirely.

“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.

Ezeokafor, 72, the Anambra-born founder of Jezco Oil and Jezco Group, was abducted at about 2 am on Tuesday, August 5, 2026, after he left his home in Awka, Anambra State capital city, for a prayer ground in the Ifite area for his annual spiritual retreat.

He reportedly left behind his usual security detail when he stepped out for the private prayer session, giving the attackers easy access to him.

The businessman, who founded Jezco in 1980 and grew it into one of South-East Nigeria’s largest oil servicing, lubricant and manufacturing conglomerates, is also the father of Nigerian Instagram personality Joseph Ezeokafor Jr, known as Jowizaza, who serves as the company's chief executive officer.

Family Left In Limbo As Police, Government Remain Silent

The breakdown in communication has left the family unable to confirm Ezeokafor’s current condition, deepening concerns for the safety of the septuagenarian businessman more than a week after his abduction.

Efforts to reopen contact with the abductors have reportedly not yielded results, leaving the family in a difficult position as they weigh their next steps.

More than a week after the kidnapping, the Anambra State Police Command and state government authorities have yet to issue any official statement on the incident.

The abduction has generated considerable concern among Ezeokafor’s associates and members of his home community of Ekwulobia, where he is known for decades of philanthropic work, including funding local governance projects and infrastructure development.