Kidnappers across Nigeria demanded a total of N48 billion in ransom between July 2024 and June 2025, but only N2.56 billion was actually paid, according to a new report by SB Morgen Intelligence.
The report, titled “Economics of Nigeria’s Kidnap Industry,” shows that kidnappers are becoming bolder, asking for huge sums. The biggest ransom demand came from the March 15, 2025 abduction of Chidimma and Precious Enuma, along with their aunt, Anwuri Oko Ye, in Delta State.
While the total ransom collected hit record levels in naira, its value in dollars was just $1.66 million, reflecting how currency devaluation is affecting the criminal business model.
Some cases involved very large payments. In Borno State, N766 million was paid to free Justice Haruna Mshelia of the state High Court after his abduction in September 2024. That single case accounted for almost 30% of all ransom paid nationwide and went directly to Boko Haram.
In Kwara State, N124 million was paid as ransom within the year, including N100 million to a new Islamist sect known as the Mahmuda group, which has links to Boko Haram and operates in parts of Kwara and Niger.
One notable case was the May 2025 kidnapping of a petrol dealer, Alhaji Abbas, and his manager in Edu LGA, where the group demanded N200 million but collected N100 million.
According to the report, Islamist terror groups received about 34% of all ransom paid in the period, showing how criminal activity and extremist operations are merging.
Regionally, ransom demands were highest in the South-South with N32.3 billion, followed by the North-West (N7.2 billion), North-Central (N4.9 billion), South-West (N1.56 billion), South-East (N1 billion), and North-East (N970 million). Actual payments were much lower across the board.
Overall, 4,722 people were kidnapped in 997 incidents, while at least 762 were killed. SBM warned that kidnapping has now developed into a structured, profit driven industry in Nigeria, with ransom demands rising sharply as criminals adjust to the falling value of the naira.
