‘Nigerians paid N2.56b as ransom to kidnappers in one year’
The National Coordinator, National Counter Terrorism Centre (NCTC), Office of the National Security Adviser, Maj.-Gen. Adamu Laka, yesterday, said that President Bola Ahmed Tinubu would officially unveil the revised national counter-terrorism strategy in October this year.

Laka, who stated this in Abuja while speaking at the third quarter stakeholders’ meeting of NACTEST, said that this followed an extensive review process designed to align the nation’s security framework with emerging threats.

The NCTC boss also explained that the document had been finalised and forwarded to the National Security Adviser (NSA), Nuhu Ribadu, for approval.

MEANWHILE, a new report by SBM Intelligence has said that Nigeria’s kidnap-for-ransom economy has hit record levels, with citizens paying at least N2.56 billion between July 2024 and June 2025 to secure the release of abducted relatives and community members, with at least 4,722 people abducted.

This marks a sharp 144 per cent year-on-year increase compared to N1.05 billion paid in the same period of the previous year.

The study, Locust Business: The Economics of Nigeria’s Kidnap Industry – A 2025 Update, warns that kidnapping has become a highly organised and pervasive criminal industry rather than an isolated security problem.

During the review period, SBM said it recorded 997 incidents across the country, in which 762 people were killed, including 563 civilians.

The North-West, according to the report, remains the epicentre, accounting for 62.2 per cent of victims. Zamfara alone reported 1,203 abductions, while Katsina recorded the highest number of incidents (131).

It stated that abductors demanded N48 billion in ransom during the period, but only 5.35 per cent was actually paid, stating that in total, 4,722 Nigerians were kidnapped in 997 incidents, while 762 people lost their lives in abduction-related violence.

“In 2024, families paid N1.05 billion, but currency depreciation meant this was valued at only about $655,000. By 2025, ransom payments climbed to N2.56 billion, yet the dollar equivalent rose only slightly to $1.66 million.

This mismatch between naira and dollar values highlights the impact of inflation and exchange rate pressures.

Kidnappers now demand higher sums in local currency to protect their earnings from the naira’s weakening value. Families, in turn, are forced to part with larger amounts of money, even as household purchasing power collapses under double-digit inflation.

“The North-West remains the country’s kidnapping hotspot, accounting for 62 per cent of victims in the review period. Zamfara recorded 1,203 abductions, Kaduna 629, and Katsina 566. Katsina also suffered the highest civilian fatalities, underscoring the deadly dimension of ransom-seeking in the region.

“This convergence of crime and ideology has made kidnapping not just a security problem but also a financing model for insurgency,” the report further stated.