NFIU Reveals Over 735 Mass Abductions in Nigeria Since 2019
…Warns of Threat to National Security
By Patience Ikpeme
The Nigeria Financial Intelligence Unit (NFIU) has confirmed that more than 735 mass abductions have occurred across Nigeria from 2019 to the present date.
This revelation was made public in a recent NFIU report titled “TYPOLOGIES OF MONEY LAUNDERING THROUGH KIDNAPPING FOR RANSOM IN NIGERIA,” which details the intricate financial networks and methods employed by kidnapping syndicates.
According to the NFIU, the escalating issue of Kidnapping for Ransom (KFR) in Nigeria has reached a critical point, now “posing a significant threat to national security and economic stability.”
The report, released on Tuesday in Abuja, stated that “This crime is intricately connected to other serious organized criminal activities and money laundering, which undermine the integrity of financial systems.”
The NFIU expressed concern that “KFR has become a pervasive problem in Nigeria, impacting various societal sectors and leading to substantial financial losses.”
The report identified several key issues contributing to the crisis. It noted the rising number of incidents, with over 735 mass abductions recorded since 2019, accompanied by reports of significant ransom payments.
The prevalence of a cash-based economy and the use of informal financial networks complicate the process of tracing illicit financial flows generated from ransom payments. Furthermore, the involvement of organized crime elements, such as those linked to terrorist financing, human trafficking, and illicit drug trafficking, along with the exploitation of weak regulatory frameworks, intensifies the problem.
To effectively combat KFR and its associated money laundering activities, the NFIU proposed a range of multifaceted strategies targeting various stakeholders. The NFIU recommended that the Government and Policy Makers develop a comprehensive national strategy that integrates law enforcement efforts, financial regulations, and community involvement. This strategy should include the allocation of resources for KFR-related operations and the establishment of specialized Anti-Money Laundering (AML) courts to handle financial crime cases.
For Financial Institutions, the NFIU urged the strengthening of Know-Your-Customer (KYC) procedures and the enhancement of suspicious transaction reporting mechanisms to improve the detection of financial activities linked to ransom payments. Investment in Artificial Intelligence (AI)-based monitoring tools was also suggested to identify patterns indicative of KFR.
Addressing Telecommunication Authorities, the report called for the strict enforcement of SIM card registration and the monitoring of digital platforms to reduce anonymity in criminal communications. Collaboration with law enforcement agencies to provide call records and geolocation data for investigations was also deemed crucial.
The NFIU recommended that Law Enforcement Authorities enhance intelligence gathering through the use of technology and improve interagency cooperation to facilitate successful prosecutions. Additionally, it stressed the importance of combating corruption and ensuring accountability within law enforcement agencies.
For Regulatory Bodies, the NFIU proposed the implementation of risk-based AML and Counter-Financing of Terrorism (CFT) regulations and the conduct of regular inspections of financial institutions to ensure adherence to established standards.
The report suggested that Civil Society Organizations launch community awareness campaigns to educate the public about the dangers of paying ransoms and to encourage the reporting of suspicious activities.
In the realm of International Cooperation, the NFIU advocated for the strengthening of regional partnerships and engagement with international entities for the purpose of intelligence-sharing and joint operations aimed at combating cross-border KFR activities.
The NFIU asserted that addressing KFR in Nigeria demands an urgent and coordinated response involving multiple stakeholders across various sectors.
The Unit stated that by implementing the proposed recommendations contained within the report, stakeholders can significantly diminish the impact of KFR, enhance the resilience of financial systems, and provide greater protection to vulnerable populations.
The report concluded that continuous training, technological investment, and robust community engagement are essential for building an effective framework to combat KFR and its associated money laundering activities.
The NFIU’s report utilized a triangulated research method, combining qualitative and quantitative data alongside a comprehensive descriptive analysis of KFR in Nigeria. It examined various facets of the issue, including the legal framework, geographical hotspots, demographics of victims and perpetrators, financial implications, and recommendations for effective countermeasures.
