Ten residents of Isapa town in the Ekiti Local Government Area of Kwara State are still in captivity after they were abducted last Sunday.
Their captors have now issued a one week deadline, insisting that the community must pay N300 million to secure their release.
The armed group had earlier demanded N500 million before lowering the ransom to N300 million during ongoing negotiations.
Despite several engagements, none of the victims has regained freedom.
Residents said the kidnappers threatened to unleash another round of deadly attacks on Isapa if their demand is not met.
The Chief Hunter of Isapa, Mr A Adeyeye, told journalists on Wednesday that the kidnappers rejected an offer made by the town in an attempt to negotiate the release of the hostages.
“Despite pleas from the community offering N5 million, the armed group rejected the offer, describing it as unacceptable and far below their expectations,” Adeyeye said.
He added that the abductors maintained a hard stance throughout the conversation, insisting that only the full ransom would be considered.
The community continues to appeal for urgent intervention from security agencies as the ultimatum draws closer.
