KIDNAP ECONOMY: Report says criminals made over N7.8bn from ransoms in one year

The report titled 'The Capture of the Kidnap Economy' by SBM Intelligence has unveiled that criminals involved in kidnappings amassed more than N7.8 billion in ransom payments from July 2025 to June 2026. During this year, a staggering 7,825 individuals were abducted in 1,713 incidents, with at least 1,142 reported fatalities. SBM Intelligence noted a significant decline in ransom demands, dropping from N48bn to N22.9bn, while actual payments surged from N2.56bn to N7.78bn, raising the collection rate from 5.35 per cent to 34 per cent.

The majority of ransom payments, around 90 per cent, were attributed to Jama’atu Ahlis Sunna Lidda’awati Wal-Jihad, a faction of Boko Haram. This group reportedly collected N7bn from only eight incidents, underscoring the devastating impact on victims and communities. Two high-profile abductions accounted for nearly the entire ransom amount, including N5bn paid for 416 captives from Ngoshe, Borno State, and N2bn for 315 pupils and staff from St Mary’s School in Papiri, Niger State.

Mass abductions emerged as the most prevalent method used by kidnappers, with Zamfara and Sokoto states witnessing 92 and 76 mass abductions respectively. The resurgence of school abductions, particularly the Papiri incident, has far-reaching implications for education, agriculture, and public confidence. The report cautioned that paying ransoms does not ensure the safety of hostages, with at least six instances where captives were killed after ransom was paid.

The authors of the report emphasized the need for a coordinated strategy to disrupt the financial flows supporting insurgency while addressing the socio-economic factors that recruit individuals into criminal groups. They warned that without such an approach, Nigeria risks not only allowing kidnapping to be a lucrative criminal enterprise but also transforming it into a funding mechanism for groups posing a significant threat to the nation's stability.