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A report by SBM intelligence bout $18.34m has been paid by families, friends and loved ones of kidnap victims in Nigeria in the last nine years, a new report by SBM Intelligence has shown.

The report titled ‘Nigeria’s Kidnap Problem’: The Economics of the Kidnap Industry in Nigeria, highlighted that a large proportion of the amount (just below $11m) was paid out between January 2016 and March 2020.

The report said, “SBM Intelligence analysed data covering the period from June 2011 to the end of March 2020 using a collection of public sources, police and media reports, as well as SBM’s extensive research network spread across the country. What we have found shows that between June 2011 and the end of March 2020, at least $18.34m has been paid to kidnappers as ransom.

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