Nigerians paid kidnappers a staggering N2.57 billion as ransom between July 2024 and June 2025, a new report by geopolitical research firm, SBM Intelligence, has revealed.
The report, titled “Economics of Nigeria’s Kidnap Industry”, noted that kidnappers demanded a total of N48 billion within the one-year period, but received only a fraction of the amount.
According to the study, at least 4,722 people were abducted in 997 incidents, while no fewer than 762 persons lost their lives in kidnap-related violence.
“Kidnapping has evolved into a highly lucrative criminal enterprise in Nigeria, with 4,722 civilians abducted and N2.56 billion confirmed in ransom payments within just 12 months,” SBM stated.
The report identified Zamfara, Kaduna, and Katsina as the states worst affected by the menace.
While Katsina recorded the highest number of incidents with 131 cases (13.1% of the national total), Zamfara had the highest number of victims, with 1,203 residents abducted — 25.4% of the total figure.
Kaduna followed closely with 123 incidents, while Niger and Delta states also made the top five, though Delta accounted for less than 5% of total cases, underscoring that the crisis remains predominantly a northern phenomenon.
SBM explained that the ransom economy has been directly affected by Nigeria’s currency crisis.
Although ransom payments in naira have surged — from N653.7 million in 2022 to N2.56 billion in 2025 — the dollar value has declined due to naira devaluation, dropping from $1.13 million in 2022 to $1.66 million in 2025.
“This significant divergence reflects the weakening purchasing power of the naira. Kidnappers are now demanding increasingly higher sums in local currency, turning abduction into a self-sustaining criminal business,” the report said.
One of the most shocking ransom demands within the review period came from the abduction of Chidimma and Precious Enuma, and their aunt Anwuri Oko Ye in Ebedei Ukwuole, Ukwuani LGA of Delta State.
The kidnappers demanded a jaw-dropping N30 billion ransom, representing 62.5% of all ransom requests nationwide during the year.
SBM warned that unless the government adopts a comprehensive strategy to weaken the profitability of kidnapping while addressing root causes like poverty, unemployment, and weak law enforcement, the trend could become a permanent feature of Nigeria’s economy.
“The time for half-measures has passed. Breaking the ransom economy is the only way to reclaim Nigeria’s security and future,” the firm advised, urging authorities to deploy advanced financial-tracing technologies and implement economic stabilisation policies.
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