The Laragunsin of Iyasan, Oba Abiodun Oyewumi, Irele local government area of Ondo state has been abducted by kidnappers.
The traditional ruler was abducted in his palace at 10.30 pm on Monday and taken to an unknown destination.
The kidnappers have now contacted his family through one of his sons demanding for N40 million as ransom for his release.
The report said the family sent recharge cards worth N40,000 to the abductors and pleaded with them to reduce the ransom to N500,000.
The kidnappers were said to have entered the town through the Owena River, a boundary between Ondo and Edo states. They also escaped through the waterways.
The police confirmed the incident but denied knowledge of any contact made by the kidnappers to the royal family.
In his reaction, Oba Olusegun Akinbola, the Aladeokun of Alade-Idanre, said kidnapping of traditional rulers has become rampant because of loss of traditional values.