The suspected kidnappers, mainly Fulani, abducted the elder statesman on September 21. He was released three days later after N5 million was paid.
Falae identified some, saying there were two others yet to be apprehended.
He said he was tortured for hours inside a thick forest, where he was driven to by his kidnappers.
The national chairman of the Social Democratic Party (SDP) said he was released on the fourth day after ransom was paid by his family.
The Afenifere chieftain, who is a star witness, told the court that six masked kidnappers stormed his farm office and roughhandled him before taking him away.
He added that the suspected miscreants after trekking for hours, removed their masks and he was able to identify them.
Falae said around 7pm they demanded his wife's phone, which he said he gave to them.
His words: "When they got my wife's phone number, they ordered her to look for N100 million before they would release me.
"One of them said my people were offering them N2 million, how could my people offered N2 million to Boko Haram. That was then I asked to speak to my wife to look around if we could meet their demand, which I understand was N5 million at that time.
"When one of them saw my wounds, he went to the bush to look for leaves, which he used to treat me. That was how we started a journey that lasted for 12 hours."
The Attorney General and Commissioner for Justice, Eyitayo Jegede, who represented the state, urged the court to give the case an accelerated hearing.
He prayed the court to adjourn the case to allow the state and the police bring in more witnesses to the court.
Justice Rotimi Olumide ordered that the suspects remain in prison custody till December 15.
