Gunmen, who abducted eight residents of Imoga in Edo North last Friday, have reportedly reduced their ransom demand from N100 million to N40 million.
The Okpahi of Imoga Kingdom, Oba Patrick Abudu, confirmed the development on Tuesday.
According to the monarch, the kidnappers initially demanded N100 million but had lowered the amount to N70 million on Monday.
Negotiations are ongoing, with hopes that the ransom could be further reduced to N20 million.
Oba Abudu explained that all stakeholders and members of the community are on standby to raise the funds once a final agreement is reached with the abductors.
The traditional ruler also noted that the abduction has prevented him from leaving the kingdom to attend to other pressing matters.
He said, “We have continued to negotiate with the kidnappers, and they have now agreed to reduce the ransom to N40 million.
“However, we are hoping they can bring it down further to N20 million.
“Our people are prepared to raise the money, and payment will be made as soon as the full amount is ready.
“We are deeply concerned for the safety of our citizens, as it has been five days since they were kidnapped.”