Born on September 21, 1938, the former Finance minister was kidnapped by over 20 Fulani herdsmen who invaded his farm and attacked his over 200 workers.
Many of his workers including the farm Manager identified as Bruno were matcheted while others were reportedly wounded and are on admission in different hospitals.
Reports from the family said that the fulani herdsmen have been having issues with the workers in the farm over the grazing and the destruction of the farmland by their cows.
The herdsmen reportedly came back on Monday in large number and attacked the farm before abducting the politician.
Vanguard was told that on arrival the herdsmen shot indiscriminately into the air, a situation which made the workers to flee to different directions.
They reportedly beat up the National chairman of the Social Democratic Party SDP and dragged him on the floor when he refused to go with them.
Police source however said that the Fulani herdsmen may have been used by other interested party who have requested for a ransom.
The herdsmen according to the police source may have been paid off and the victim handed over to those who have made contact with the family after carrying out the hatchet job.
Speaking with newsmen, the spokesman of the SDP in the state, Remi Olayiwola said that the abductors have contacted the wife of the victim Mrs Rachel Falae and requested for N100m ransom expected to be paid before the end of work on Tuesday.
Olayiwola said that the accent of those who contacted the wife of their National chairman was that of the fulani.
Newsmen were barred from entry into his residence located along Oba-ile in Akure metropolis while other sympathizers and party members gained free access into the compound.
The state police authorities confirmed that the Funali herdmen invaded the farm, attacked, wounded and beat up the former Minister before whisking him away to an unknown destination.
Spokesman for the state command, Wole Ogodo said that Chief Falae was taken away while some of his staff were seriously wounded.
Ogodo pointed out that in a swift response no fewer than 50 policemen had been deployed to the area to search for him.
He added that until the search party led by the Deputy Commissioner of Police, operation Ishola Abdulahi, the command would not be able to ascertain the whereabouts of the septuagenarian politician
The police spokesman said it was too hasty to conclude that the politician was kidnapped.