Nigeria has witnessed over 735 mass abductions since 2019, underscoring a dramatic and deeply concerning escalation in Kidnapping for Ransom, which now poses serious threats to the nation’s security, economic health, and financial integrity.
This was revealed in a new report released on Tuesday in Abuja by the Nigeria Financial Intelligence Unit, titled Typologies of Money Laundering Through Kidnapping for Ransom in Nigeria. The report provides a detailed analysis of how KFR has become increasingly widespread, leading to significant financial losses across various sectors and weakening the integrity of Nigeria’s financial systems.
“This crime is intricately linked to other serious forms of organised criminal activity and money laundering,” the report stated.
It further noted that Nigeria’s predominantly cash-based economy, along with the widespread use of informal financial channels, complicates efforts to trace illicit transactions, thereby making the fight against KFR more difficult.
According to the report, “the growing problem of KFR in Nigeria has assumed a dangerous dimension,” with the involvement of complex criminal networks tied to terrorist financing, human trafficking, and drug trafficking—factors that continue to fuel the KFR menace.
In response, the NFIU called for the development of a comprehensive national strategy to address the issue. This strategy would involve enhanced coordination among law enforcement, financial regulatory bodies, and local communities.
Key recommendations include the reinforcement of Know-Your-Customer protocols within financial institutions, improved mechanisms for the reporting of suspicious transactions, and the deployment of Artificial Intelligence-powered monitoring tools capable of tracking financial movements associated with ransom payments.
“Addressing KFR in Nigeria requires an urgent, coordinated response involving multiple stakeholders across various sectors,” the report emphasised.
The report also recommended stricter enforcement of SIM card registration policies to curb the anonymity exploited by kidnappers in their communications, and an urgent upgrade in the intelligence-gathering capacity of law enforcement agencies.
Civil society organisations were urged to play a greater role by initiating public awareness campaigns on the dangers of ransom payments, encouraging citizens to remain vigilant, and to report suspicious activities promptly.
Finally, the NFIU underscored the importance of global cooperation in combating KFR. It called for increased intelligence-sharing and joint international operations to target transnational criminal groups involved in the practice.
The report concluded that if these measures are effectively implemented, they could “significantly reduce the impact of KFR, strengthen the resilience of financial systems, and safeguard vulnerable populations across Nigeria.”
