The abductors, who got in touch with the wife of the local council boss, said the money must be paid if Mr Bamigbetan is to be released alive.
According to the Secretary to the Local Government, Remi Gbadegesin, the abductors made a call to the wife from Mr Bamigbetan’s phone and demanded the ransom.
The abductors warned Mrs Bamigbetan not to involve the police or play pranks as well as blow the issue out of proportion.
They also warned that any attempt to flout their directive could be grievous.
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