Dr. Kabir Adamu, a security expert, has raised concern that kidnappers in Nigeria are now using banks to collect ransom payments.
Adamu explained that in the past, kidnappers typically demanded cash payments for ransom.
However, there has been a noticeable shift to using mainstream banks for transactions.
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He revealed that his team has tracked cases where ransom money was paid into bank accounts and successfully withdrawn.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.”
“We’ve monitored kidnapping for ransom cases where the ransom is being collected by formal banks,” Adamu said.
“My team and I were shocked when the ransom demand was made in a formal bank. It was paid and collected. I don’t want to mention the names of the two banks that were extremely guilty, but even for those two, progress is being made,” he said.
The security expert noted that although fintech platforms had previously been linked to ransom payments, criminals have now shifted their operations to traditional banking channels, raising significant concerns about compliance and oversight in the banking industry.
Adamu emphasized that this shift in tactics underscores the urgent need for stronger accountability measures and compliance standards within Nigeria’s financial institutions.
He also pointed out the challenges faced by regulatory bodies in fully addressing the issue, despite recent advancements in financial intelligence efforts.
“From the point of view of policy, a lot has been done, but from the point of view of operations, there is still a lot that remains to be done,” Adamu stated.
According to a report by SBM Intelligence, Nigeria’s kidnap-for-ransom crisis generated at least N2.57 billion for criminal groups between July 2024 and June 2025.
The report, titled “The Year Ahead at an Inflexion Point,” highlighted that despite kidnappers’ demands totaling N48 billion during the year, they only received N2.57 billion in actual payments.
