Nigeria has witnessed more than 735 mass abductions since 2019, signalling a dangerous surge in Kidnapping for Ransom, KFR, that now poses grave risks to both national security and economic resilience.
The Nigeria Financial Intelligence Unit, NFIU, in a report released in Abuja on Tuesday, warns that the scale of KFR has inflicted heavy losses on businesses while exposing deep vulnerabilities within the financial system.
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The document, titled ‘Typologies of Money Laundering Through Kidnapping for Ransom in Nigeria’, calls for a coordinated national response.
Among its recommendations are stricter Know-Your-Customer, KYC, checks, enhanced tracking of suspicious transactions, and the adoption of artificial intelligence to trace ransom-linked payments.
The NFIU also emphasised stronger collaboration between law enforcement, regulators, and local communities.
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