Experts in the development sector have provided context on how kidnap for ransom business is thriving in Nigeria especially in Northern Nigeria.
They gave the insights on the heels of a recent report by SB Morgen (SBM) Intelligence, a geopolitical research firm, which recently declared that kidnappers demanded over N48 billion from victims and their families between July 2024 and June 2025.
The research firm, in its latest report, titled ‘Economics of Nigeria’s Kidnap Industry,’ said out of the total amount of N48 billion demanded as ransom, only N2.57 billion was received.
What experts are saying
Speaking on the issue, the Executive Director at the Center for Fiscal Transparency and Public Integrity, Dr. Umar Yakubu stated that poverty and low human capital development has been a major factor fueling kidnap and ransom business especially in northern Nigeria
“If you look at the report, the northwest has a higher number of kidnap cases compared to other regions of the country. This alone shows the low level of human capital development and the high level of poverty and illiteracy. The indices are all pointing to that,” he said.
On what to do, he said, “Government through the Nigerian Financial Intelligence Agency must step up their mandate to determine if the ransom is transferred or paid in cash and track those receiving them.
“Also there has to be an Intelligence driven approach in partnership with the community members. There must be partnership to sensitise the community members on the need to report anyone that has developed overnight wealth without commensurate work to show for it.
“Also government must improve governance at subnational level to improve living conditions of citizens,” he said
Also speaking, a development economist, Dr. Hassan Abdullahi told Daily Trust that the northwest has long suffered from kidnapping, at least in the last decade.
He added however that there must be deliberate efforts by families of victims to also stop fueling the kidnappings by offering ransom.
N2.7bn paid as ransom in 1yr
According to SBM, no fewer than 4722 people were kidnapped in at least 997 incidents, in which at least 762 people were killed in the same period.
“Nigeria’s kidnapping crisis has evolved into a lucrative criminal enterprise, with N2.56 billion ($1.66 million) confirmed in ransom payments and 4,722 civilians abducted in just one year,” the report reads.
“The Northwest remains the most violent, while the Southeast and South-South face targeted religious abductions and financial extortion.
“Unless security forces dismantle these networks and address root causes—poverty, unemployment, and weak law enforcement—the cycle of kidnappings, ransoms, and deaths will continue unchecked, leaving ordinary Nigerians in perpetual fear.”
The firm explained that while the amount of naira paid in ransom has dramatically increased, the dollar equivalent has not kept pace.
“The issue has been on the front burner for a while. Meanwhile there is a need for deliberate efforts by the government to disabuse the minds of family members of always giving ransom whenever their relatives or loved ones are kidnapped.
“I know this can be argued but to me when you keep giving them ransom, it emboldens them to keep kidnapping,” he said.
He also added that the security agencies must step up in intelligence gathering and sharing to curb the incident to barest minimum
Also speaking, Joseph Momoh, an economist told Daily Trust that there are many angles to look at ransom and why it is thriving.
He said, “The security agencies have not lived up to their expectations which has led the business to keep thriving, just as there is also the theory of community members conniving with the kidnappers to extort families of victims,”
He also added that the telecommunications regulator must step up to track calls and ensure the kidnappers are traced and apprehended.”
SBM noted that the kidnappers became bolder this year, with eye-watering sums requested for ransom.
According to the report, of the N48 billion demanded as payment, the highest amount demanded came from the abduction of Chidimma and Precious Enuma, as well as their aunt Anwuri Oko Ye in Ebedei Ukwuole community of Ukwuani local government area of Delta State on March 15, 2025.
The kidnappers requested N30 billion as ransom; this singular incident represents 62.5 percent of all ransom demanded.
SBM advised that breaking the cycle of abductions requires urgent and systemic action, stressing that the government must act with dedication and strategy to end the crisis.
According to the firm, disrupting financial networks through advanced tracing technologies could starve kidnappers of profits, while economic stabilisation might reduce recruitment pools.
“But without coordinated strategies targeting both the crime’s profitability and its socioeconomic drivers, Nigeria risks entrenching kidnapping as a grim national industry, one that perpetuates poverty, undermines recovery, and leaves citizens hostage to a failing system,” the firm warned.
SBM said the time for half-measures has passed, adding that only through dismantling the ransom economy can Nigeria begin reclaiming its security and future.
DAILY TRUST.
