A report put together by a an intelligence research firm, SB Morgan has put the figure of Nigerians abducted by gunmen in the last one year at 3,620, while the sum of N5 billion was collected in ransom payments.

The report, which was released on Wednesday, entitled, “The Economics of Nigeria’s Kidnap Industry: Follow the Money,” disclosed that “between July 2022 and June 2023, 3,620 people were abducted in over 582 kidnapping incidents in the country, with a reported ransom demand of at least N5 billion and an actual ransom payment of over N302 million.”

The report, however, noted that the money that exchanged hands could be higher as a number of kidnap cases went unreported.

“As Nigeria faces security crises across the six geopolitical zones, Boko Haram, Islamic States of West Africa, Ansar terrorists, bandits, sea pirates, and armed separatist agitators the Indigenous People of Biafra (IPOB), and all other violent groups, take part in kidnapping for ransom, even with the country’s struggling economy, rising inflation, and high unemployment rates,” the SB Morgan report said.

Delving further, the research firm said the harrowing statistics, motivations, and complexities of the growing epidemic of abductions in the West African country “unveils a striking correlation between Nigeria’s struggling economy, rising inflation, and soaring unemployment rates and the exponential growth of the kidnap-for-ransom industry.”

“Kidnap dynamics differ between individual and community cases, with less secrecy in larger-scale abductions.

“In some instances, kidnappers opt for non-monetary ransom, like foodstuff. Notably, the Northwest and Northcentral regions exhibit higher in-kind cases of ransom demands, correlating with Nigeria’s widespread poverty.

“Additionally, these regions have seen a surge in demands for motorcycles as part of ransom payments,” the report stated.

It added that Catholic priests, previously targeted for their ransom value, encountered 21 abductions during this period.

“Kaduna State in the Northeast was the most dangerous state for priests, who were often kidnapped during services. Abductors demanded around N50 million in the past, but the church now refrains from disclosing ransom negotiations possibly to avoid encouraging further attacks.

“The Northcentral saw higher ransom amounts demanded, notably in Nasarawa State, where targeted abductions yielded maximum ransom with minimal resistance.

“The South-South’s low ransom payments may indicate efficient police intervention or victim silence. The past year showed a higher likelihood of being kidnapped in Kaduna, Niger, or Zamfara, the three states recording the highest per capita abduction rates and deaths during kidnap attempts.

“Civilians bore the brunt of kidnap attempts around the country, with 430 casualties, while security agents and kidnappers accounted for 19 and 121 deaths, respectively,” it added.