Busuyi was said to have been waylaid by the gunmen and dragged out of his car.
His car was found along the road with its four doors ajar, in the late hours of Thursday.
One of the residents of Erijiyan Ekiti who put a call across to newsmen explained that police from Ilawe Ekiti had visited the spot of the incident while the vehicle of the victim had been taken to police custody.
The residents called on security agents to swing into action to rescue the APC stalwart.
When contacted, the spokesperson for the Ekiti state police command, Mr Sunday Abutu, who confirmed the incident said that the command would work towards his rescue.