Security expert Dr. Kabir Adamu warns that kidnappers in Nigeria are increasingly using bank accounts to collect ransom, raising compliance concerns

Kidnappers in Nigeria are reportedly shifting from cash to bank accounts for ransom collection, raising alarm among security experts.

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Dr. Kabir Adamu, CEO of Beacon Security and Intelligence Ltd, disclosed this trend on Arise News, noting that his team has tracked cases where ransom payments were successfully withdrawn from bank accounts.

According to Adamu, criminals previously relied on fintech platforms but are now exploiting traditional banks, highlighting weaknesses in transaction monitoring and regulatory enforcement.

“Although a lot has been done in terms of policy, there are still major gaps in operations and compliance,” he said, stressing the need for stronger enforcement and better monitoring systems in banks.

Adamu also warned that reliance on contract workers, who may constitute up to 70% of staff in some banks, poses risks due to insufficient background checks and susceptibility to corruption or criminal pressure.

Data from SBM Intelligence shows kidnapping for ransom generated at least ₦2.57 billion between July 2024 and June 2025.

During this period, kidnappers demanded around ₦48 billion in 997 incidents, resulting in 4,722 abductions and at least 762 deaths.

The security expert welcomed Nigeria’s recent declaration of kidnappers and violent groups as terrorists, noting that this provides agencies with stronger legal tools to combat the menace.

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Adamu concluded that improving policies alone is insufficient; a combination of stricter enforcement, enhanced compliance, and robust monitoring systems is essential to protect the financial system from criminal exploitation.