A security expert, Kabir Adamu, has raised fresh concerns over a disturbing shift in kidnapping operations in Nigeria, revealing that criminal groups are now using bank accounts to receive ransom payments.
Adamu, who is the Chief Executive Officer of Beacon Security and Intelligence Limited, disclosed this during an interview on Arise News, warning that the trend signals evolving tactics by kidnappers.
According to him, unlike in the past when ransom payments were largely made in cash, kidnappers now direct victims’ families to transfer funds through conventional banking channels.
He revealed that investigations have uncovered multiple cases where ransom payments were successfully paid into and withdrawn from bank accounts, though he declined to name the financial institutions involved.
Adamu explained that criminals initially exploited fintech platforms but have since shifted to traditional banks, raising serious questions about transaction monitoring and regulatory compliance within the banking system.
“A lot has been done in terms of policy, but there are still major gaps in operations and compliance,” he said.
While noting improvements in Nigeria’s financial intelligence framework—particularly after the country’s removal from the Financial Action Task Force gray list—he stressed that enforcement remains weak.
Data from SBM Intelligence underscores the scale of the crisis, showing that kidnapping for ransom generated at least ₦2.57 billion between July 2024 and June 2025, despite demands totaling about ₦48 billion.
The report also recorded 4,722 abductions across 997 incidents, with at least 762 fatalities within the period.
Adamu further highlighted structural vulnerabilities within the banking sector, pointing out that many institutions rely heavily on contract staff, who can make up as much as 70 percent of their workforce.
He warned that such workers are often poorly remunerated and may not undergo thorough background checks, making them susceptible to compromise by criminal networks.
Because of this, he said, they can be more vulnerable to corruption or coercion.
The security expert emphasised that strengthening policies alone is insufficient, calling for stricter enforcement, improved oversight, and more robust monitoring systems to safeguard the financial system.
In a related move, the Nigerian government in December formally designated kidnappers and violent groups as terrorists, a classification that allows security agencies to deploy stronger measures and treat kidnapping as a major national security threat.
