The ransom demand was made Sunday, one day after some unidentified persons stormed Mr Fagoriola’s farm in Iju along the Akure-Ikere Ekiti Road and took him away.
This comes as the Public Relations Officer of the Ondo State Police Command, Mr Femi Joseph, said their men were already making progress to apprehend the suspects and secure the release of the politician.
Joseph appealed to the law-abiding residents of the state not to panic, saying the command was committed to ensuring adequate security of their lives and property in the state.
The former council chairman was reportedly on his farm to supervise his labourers when the kidnappers got hold of him and took him away.
His elder brother, Busuyi, said the abductors, numbering about seven, used masks to cover their faces as they stormed the farm.