Posted by Daniel. on 14 August, 2022 under Naija News
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A new report has revealed that Nigerians paid N653.7 million ($1.2 million) as ransom in Nigeria between July 2021 and June 2022, a period of one year, for the release of captives.
The security report also disclosed that N6.531 billion ($9.9 million) was demanded in ransom in the year under review.
It noted that the abductions, which are also almost evenly distributed across the country, have an impact on the Nigerian economy, as it has limited business and investment in the heaviest-hit areas.
The report by SBM Intelligence, an Africa-focused geopolitical research and strategic communications consulting firm, stated the amounts of ransom and the numbers of kidnap incidents and victims were arrived at using media reports detailing the sum paid to armed groups within one year.
The report titled: ‘The Economics of Nigeria’s Kidnap Industry’ published in August, detailed the country’s security issues, including incidents of banditry and the costs associated with kidnapping for ransom.
It said at least 500 incidents of kidnapping were recorded and 3,420 people were abducted across Nigeria, with 564 others killed in violence associated with abductions in one-year period.
According to the report, “Based on what we could verify, between July 2021 and June 2022, no fewer than 3,420 people were abducted across Nigeria, with 564 others killed in violence associated with abductions.
“In the ensuing period, N6.531 billion was demanded in exchange for the release of captives while a fraction of that sum (N653.7 million) was paid as ransom. As of the exchange rates between the naira and the US dollar on 1 August 2022, these figures translate to $9,806,306.31 and $1,126,126.13, respectively.
“We have taken care not to include the later ransom payments for the Abuja-Kaduna train incident as most of those victims were released in July 2022. It was reported on 25 July, 2022 that eight Nigerian hostages parted with 100 million each, while a Pakistani hostage paid 200 million,â€
