Mr Ijadare was kidnapped in Ekiti State on Tuesday at his palm oil factory.
He was taken around 2 p.m. on Tuesday, alongside one of his staff, at the factory located at Ijan Ekiti, Gbonyin local government area.
Another man, who is said to be a contractor with the factory, was shot dead by the assailants during the attack.
There were fears after the attack that the person killed was a corps member, but further clarifications by residents suggested otherwise.
The demand for ransom was confirmed to journalists on Wednesday by a member of the Ijadare’s family.
“Yes, they contacted one of the family members this morning (Wednesday) and made that demand,” said the family member, who would not want to be named.
“Though, the matter had been reported to the police since life was involved and they are also doing their own bit to ensure that the abductees are released on time.”
However, the police public relations officer, Ekiti command, Sunday Abutu, said the command was not aware of any ransom being demanded by…