A new report from the Nigeria Financial Intelligence Unit (NFIU) reveals that over 735 mass abductions have taken place across the country since 2019. This growing trend in Kidnapping for Ransom (KFR) is now considered a serious threat to national security and the economy.
According to the report titled Typologies of Money Laundering Through Kidnapping for Ransom in Nigeria, released in Abuja, KFR has caused major financial damage and disrupted the country’s financial system. The document connects ransom-related kidnappings to broader organised crimes such as terrorist financing, drug trafficking, and human trafficking.
The report highlights that Nigeria’s cash-based economy and informal financial networks make it difficult to track the flow of illegal funds. Criminals are taking advantage of these weak spots, using ransom money to support large and complex operations. These groups have become increasingly organised, creating a new layer of security concerns for the country.
To respond to this issue, the NFIU is pushing for a nationwide plan that brings together law enforcement, financial institutions, and local communities. It recommends better Know-Your-Customer (KYC) checks, stronger monitoring of suspicious transactions, and the use of AI tools to trace financial movements linked to ransom cases.
The report also calls for better intelligence gathering by law enforcement and full enforcement of SIM card registration to reduce anonymous communication. Civil society groups are encouraged to raise awareness about the dangers of paying ransoms and to support a culture of reporting suspicious activity.
Lastly, the NFIU stresses the need for global cooperation. By sharing intelligence and coordinating operations with other countries, Nigeria could better handle cross-border KFR networks. If these steps are fully implemented, the report suggests that the country could reduce the impact of kidnappings, protect its financial systems, and better safeguard its citizens.
