Kidnappers now using banks to collect ransoms — Expert raises alarm

A security expert, Dr. Kabir Adamu, has raised concern that kidnappers in Nigeria are now using banks to collect ransom payments.

Speaking on Arise News, Adamu, who is the CEO of Beacon Security and Intelligence Ltd, said this trend is worrying. In the past, kidnappers usually demanded cash, but now they are asking victims’ families to pay money through bank accounts.

He revealed that his team has tracked cases where ransom money was paid into bank accounts and successfully withdrawn. Although he did not mention the banks involved, he said some progress is being made to address the issue.

Adamu explained that criminals previously used fintech platforms, but have now moved to traditional banks. This shift raises serious concerns about how well banks are monitoring transactions and following regulations.

He said Nigeria has improved its financial intelligence systems, especially after being removed from the Financial Action Task Force (FATF) gray list. However, he noted that there are still weaknesses in how rules are enforced.

According to him, “A lot has been done in terms of policy, but there are still major gaps in operations and compliance.”

A report by SBM Intelligence showed that kidnapping for ransom generated at least ₦2.57 billion between July 2024 and June 2025. During this period, kidnappers demanded about ₦48 billion, but received far less.

The report also recorded 4,722 abductions across 997 incidents, with at least 762 deaths.

Adamu also pointed out problems within the banking sector. He said many banks rely heavily on contract workers, sometimes making up to 70% of their staff. These workers are often poorly paid and may not go through proper background checks.

Because of this, they can be more vulnerable to corruption or pressure from criminal groups.

He stressed that improving policies is not enough, and that strong enforcement and better monitoring systems are needed to secure the financial system.

In December, the Nigerian government officially declared kidnappers and violent groups as terrorists.

This allows security agencies to take stronger action against them and treat kidnapping as a serious national security threat rather than just a regular crime.