As the insecurity situation in the country spreads and remains unabated, a report by SBM Intelligence has revealed that criminal elements engaged in kidnappings made over N7.8 billion from ransom payments between July 2025 and June 2026.
The report, titled ‘The Capture of the Kidnap Economy’, showed that no fewer than 7,825 people were abducted in 1,713 kidnap and kidnap-related incidents, while no less than 1,142 people were reported killed within the period in review.
According to SBM Intelligence, ransom demanded by kidnappers dropped from N48bn to N22.9bn, while actual payments rose from N2.56bn to N7.78bn, increasing the collection rate from 5.35 per cent to 34 per cent.
The report attributed 90 per cent of the ransom paid to the Jama’atu Ahlis Sunna Lidda’awati Wal-Jihad faction of Boko Haram, which reportedly collected N7bn from only eight incidents.
It said two major abductions accounted for almost the entire amount, including the N5bn ransom reportedly paid for 416 captives abducted from Ngoshe, Borno State, and N2bn for 315 pupils and staff of St Mary’s School, Papiri, Niger State.
SBM Intelligence said mass abduction had become the most frequent mode of operation among kidnappers, with Zamfara recording 92 mass abductions and Sokoto 76 during the period.
It noted that the resurgence of school abductions, particularly the Papiri incident, had broader consequences for education, agriculture and public confidence.
The report also warned that ransom payment did not guarantee victims’ survival, noting that in at least six cases, hostages were killed after ransom had been paid.
It recommended disrupting the financial flows sustaining insurgency while addressing the economic conditions that supply recruits to criminal groups.
“Without a coordinated strategy that targets both the profitability of the crime and its roots, Nigeria risks entrenching kidnapping not merely as a criminal industry but as a funding mechanism for the very groups that most threaten its stability,” the report warned.
(Ripples)