Nigerian gunmen are demanding $12 million for the release of an Israeli businessman kidnapped in the Niger River Delta city of Port Harcourt.

Four gunman abducted Ehud Avni at his home late Tuesday. 

The main militant group in Nigeria's Niger Delta region says it has located Avni.  Earlier this week, it rescinded its offer to help rescue him after an Israel news service described the Movement for Emancipation of the Niger Delta (MEND) terrorist group.

MEND has said it was not involved in the Israeli man's kidnapping.  

More than 200 foreigners have been kidnapped in the oil-producing region since 2006.  Most have been released unharmed after payment of a ransom.or

Some information for this report provided by AFP and Reuters.