A security source said that the abductors threatened to kill him if the family fails to produce the money. The source also said the family had constituted a committee to evaluate the demand, establish negotiations with the abductors and facilitate his release.
He said the kidnappers had also warned against the involvement of security operatives in the matter.
"The kidnappers contacted the family four days after and demanded a whopping sum of N500m. It is believed that the family of the victim has begun negotiations with the hoodlums," he said.
