The aide, who pleaded anonymity said on Tuesday in Akure that the abductors called the family on Monday night and agreed that they could bring N90 million if they could not afford N100 million demanded.
The source, however, said that the family had only been able to raise N2 million.
The septuagenarian was kidnapped in his farm on Monday by gunmen who were also was said to have wounded some of his workers.
Although the Police in the state had insisted that the incident was a ”mere attack by some Fulani herdsmen”, the family said the kidnappers called to demand a ransom of N100 million.
“When they called us on Monday night, they said they could only reduce the ransom to N90 million, but we cannot afford that.
“We begged them to take N2 million but they rejected it; they said they would call us back today but as at this moment, they have not called,” the source said.
Contacted, Police Public Relations Officer in the state, Mr Wole Ogodo, said that the command was still making effort to ensure that Falae, also a former Minister of Finance, was released unhurt .
Meanwhile, Mr Isaac Kekemeke, Chairman of All Progressives Congress in the state, has called on the Ondo State Government and security agencies in the state to ensure that the abductors of the former SGF were brought to book.
Kekemeke, in a statement, urged the government to regulate the activities of Fulani herdsmen ”just as it regulates citizen’s use of public utilities”.
“These lawless herdsmen, if they must live in Ondo state, cannot be law unto themselves,” he said.