About ₦7 billion in ransom was reportedly paid in two major kidnapping incidents in Nigeria, according to SBM Intelligence, with the amount accounting for almost 90 per cent of the total ransom reportedly paid nationwide over a 12-month period.

Osun: Adeleke Reaches Out To Akande, Aregbesola, Oyinlola As Oyetola, Oyebamiji Shun Phone Calls

One of the incidents involved the abduction of students from a school in Papiri, Niger State, with intelligence sources estimating that approximately ₦2 billion was paid before the victims were released.

SBM Intelligence said the figures highlighted the increasingly troubling connection between terrorism and kidnapping for financial gain in Nigeria.

The report further noted that the JAS faction accounted for a dominant share of ransom collections, raising concerns over the growing involvement of groups designated as terrorist organisations in Nigeria’s kidnapping economy.

According to SBM, the development suggests that kidnapping is increasingly being used not only as a criminal enterprise but also as a significant source of financing for terrorist groups.

The intelligence firm warned that the scale of ransom payments demonstrated the enormous financial incentives driving abductions across the country and the potential for ransom proceeds to strengthen the operational capacity of terrorist organisations.

The reported ₦7 billion paid in the two incidents therefore represents a significant portion of the ransom economy documented by SBM Intelligence during the 12-month period.