Kidnappers in Nigeria demanded over N48 billion from victims and their families between July 2024 and June 2025.
This is according to the latest report by SB Morgen (SBM) Intelligence, a geopolitical research firm.
In the report titled “Economics of Nigeria’s Kidnap Industry,” it was disclosed that out of the total amount of N48 billion demanded as ransom, only N2.57 billion was received.
According to SBM, no fewer than 4722 people were kidnapped in at least 997 incidents, in which at least 762 people were k!lled 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.
For example, the report highlighted that in the 2022 report, a total of N653.7 million was paid, which equated to approximately $1.13 million.
The following year, the amount paid dropped to N302 million ($387,179).
“Although the NGN amount paid rose sharply to N1.05 billion in 2024, the USD equivalent was only around $655,000,” the report reads.
“The latest figures show a new high, with N2.56 billion paid, which amounts to approximately $1.66 million.
“This significant divergence between the NGN and USD amounts reflects the ongoing devaluation of the Nigerian currency.
“As the cost of living soars and legitimate livelihood opportunities dwindle, kidnapping has become a highly organised and pervasive criminal industry.”
The firm noted that the perpetrators are demanding increasingly higher sums in naira to compensate for the currency’s weakening purchasing power, thus transforming the crimes from a symptom of a weak security apparatus to a self-sustaining business model.
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