A recent analysis of Nigeria's kidnap economy by SBM Intelligence has revealed that kidnappers demanded at least N81.9bn from victims and their families across Nigeria between July 2023 and June 2026. However, they only received N11.4bn, representing about 13.9 per cent of the total ransom demanded. The report, which covered three consecutive annual reporting periods, also showed that at least 20,115 people were abducted during the period.
The report indicated that the number of victims and ransom demands fluctuated over the three-year period. In 2023/24, 7,568 people were abducted in 1,130 incidents, with kidnappers demanding N10.995bn and receiving N1.048bn. The following year, the number of victims declined to 4,722, but the financial demands increased, with kidnappers demanding about N48bn and receiving N2.56bn. In the latest reporting period, between July 2025 and June 2026, the number of people abducted surged to 7,825, while ransom demands fell to N22.856bn.
The analysis also revealed that actual payments rose more than sevenfold over the period, from N1.05bn in 2023/24 to N7.78bn in 2025/26. The collection rate, which was 9.5 per cent in 2023/24, dropped to 5.35 per cent in 2024/25 before jumping to 34 per cent in 2025/26. According to SBM, the sharp increase in payments was driven largely by two mass abductions involving exceptionally large payments.
The two incidents, which involved the abduction of 416 captives from Ngoshe in Borno State and 315 pupils and staff from St Mary's School in Papiri, Niger State, accounted for about 90 per cent of ransom payments in 2025/26 and roughly 61 per cent of the N11.4bn documented over the entire three-year period. The report also showed that most of the latest payments went to one armed group, the Jama'atu Ahlis Sunna Lidda'awati Wal-Jihad faction of Boko Haram.
SBM's analysis linked the Boko Haram faction to eight ransom cases in which N9.205bn was demanded and N7.002bn collected, representing a 76.1 per cent collection rate. In contrast, bandits and other profit-driven criminal kidnappers, grouped under a broader "kidnapper" category, demanded N13.492bn but received N719.4m, representing a collection rate of just 5.3 per cent.
The report also highlighted the changing profile of victims, with kidnappers becoming less selective and targeting ordinary Nigerians alongside wealthy individuals. Mass abductions also increased, accounting for 79.5 per cent of all victims in 2025/26. Northern Nigeria remained the epicentre of the crisis, with Zamfara and Sokoto recording the highest number of mass abductions.
SBM explained that the large differences between demands and eventual payments reflected how ransom negotiations work, with initial demands often being exorbitant and substantially reduced before hostages are released. The N11.4bn documented over the three years may also underestimate the actual amount transferred to kidnappers, as many payments are never publicly disclosed.
Key points
- Kidnappers in Nigeria demanded N81.9bn and collected N11.4bn between July 2023 and June 2026.
- The Jama'atu Ahlis Sunna Lidda'awati Wal-Jihad faction of Boko Haram received N7.002bn in ransom payments in 2025/26.
- Mass abductions accounted for 79.5 per cent of all victims in 2025/26.
