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Nigerian Victims Pay N1 Billion in Ransoms as Kidnapping Incidents Soar

Published

3 weeks ago

August 29, 2024

N1.048 billion has been paid in ransoms to kidnappers across Nigeria between July 2023 and June 2024, according to a new report by SBM Intelligence titled “Grim Reaping.”

The report sheds light on the escalating kidnapping crisis in Nigeria, where economic pressures and insecurity have driven more individuals toward criminal activities, specifically abductions for ransom.

The report reveals that kidnappers demanded a total of N10.99 billion from their victims over the past year, but only about 9.5% of this amount was paid.

Despite paying over a billion naira in ransoms, the reality remains bleak as kidnapping incidents continue to rise.

During the 12 months, at least 7,568 people were abducted in 1,130 incidents nationwide. The states of Zamfara, Kaduna, and Katsina have been the hardest hit, reporting the highest number of both incidents and victims.

Zamfara recorded 132 kidnapping incidents with 1,639 victims, Kaduna had 113 incidents involving 1,113 victims, and Katsina reported 119 incidents with 887 victims.

More troubling still is the rising lethality of these abductions. The report states that kidnapping incidents now result in fatalities with greater frequency, leading to the deaths of 1,056 civilians over the past year. The growing violence has compounded the national sense of insecurity.

The report also highlights that the Federal Capital Territory (FCT), Lagos, and Kaduna recorded the highest ransom demands.

Also, the Southeast leads the amounts paid and the number of successful ransom collections.

Interestingly, kidnappers have increasingly sought in-kind payments, which vary regionally. In the southern parts of the country, demands often include food, drinks, and cigarettes.

In the northern regions, motorcycles have become a preferred payment option. This shift reflects the deepening poverty and desperation driving criminality across the country.

Women are being targeted at a higher rate than men, the report notes, particularly in the northern states.

The number of kidnapping incidents in the North has spiked dramatically, far surpassing the combined totals of the previous two years. This sharp escalation indicates that the situation is spiraling out of control.

Economic hardship is also exacerbating the security situation. Many farmers in northern Nigeria are forced to pay ransoms just to access their farmlands. According to the report, over 1,356 farmers have been kidnapped across the country since 2020, while others have been required to pay “protection fees” to harvest their crops.

These payments, often amounting to N100,000 per farmer, have further worsened the country’s food security crisis. Food inflation has soared to 40%, the highest rate in nearly 30 years.

Nigeria’s kidnapping crisis has become an unrelenting threat, and without swift, coordinated efforts from the government to restore security and create economic opportunities, the situation is likely to continue deteriorating.

The report shows ransom payments are only a symptom of the wider economic malaise and insecurity gripping the nation.

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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More Lagos Residents to Become Homeless as Government Intensifies Urban Planning Vision

Published

8 hours ago

September 18, 2024

Ugwoke Ogbodo

The rate of destitute and homeless people in Lagos State is increasing, findings by Investors King have revealed.

This looming societal crisis is connected with the efforts of the Lagos State Government to enforce the Urban Planning Laws of the state and also bring its master plan to reality.

Notwithstanding the laudable efforts of the government, many poor residents, especially those who live in squalors and dirty coastal areas are paying the excruciating prizes as thousands of them have been thrown into accomodation distress.

While the about 3,000 residents of Ayetoro community in the Yaba Local Council Development Area (LCDA) of Lagos State are yet to recover from the shock they experienced during the demolition of their houses on Monday, the people of Mayegun Waterfront Scheme, located in Eti Osa Local Government Area of the state are about to taste same agony.

The Task Force and the Lagos State Emergency Management Agency (LASEMA) left thousands of families homeless and in distress after the demolition exercise.

Similarly, the state government had demolished structures under the Dolphin Estate Bridge where hundreds of people find shelter.

Not relaxing in its efforts at pulling down what it termed illegal landed property, the Lagos State Government has issued contravention notices to more than 280 illegal property owners and occupiers within the Mayegun Waterfront Scheme, located in Eti Osa Local Government Area, citing violations such as master plan distortion, slum development, and risks of coastal erosion.

The government of the nation’s commercial nerve centre said the action carried out on Saturday, September 14, is part of its broader effort to curb unregulated development that threatens Lagos’ urban landscape.

According to a statement on its X page, those served with the contravention notices have seven days to submit relevant documentation and approvals to justify their occupation of the properties in question.

It said failure to comply with the directive will result in demolition notices being issued, as the government continues to demonstrate its firm commitment to enforcing urban planning laws and safeguarding the state’s vulnerable coastal areas.

Investors King gathered that the government frowns against slums, squalor and under dirty and dangerous environments that could possibly become hideouts for criminals, hence its unrelenting efforts at sanitizing the state.

News

UBA’s REDTV Premieres ‘13 Kinds of Women’ Live on YouTube on Sept. 19

Published

12 hours ago

September 18, 2024

Samed Olukoya

UBA’s REDTV, the lifestyle entertainment channel powered by the bank has premiered its anticipated series ’13 Kinds of Women.’

The 13-episode Ghanaian series, directed by award-winning filmmaker Eddie Seddoh, will be available for a global audience on YouTube this Thursday, September 19.

13 Kinds of Women offers an intimate look into the lives of diverse women, exploring their real-life relationship dynamics, challenges, and triumphs.

The star-studded series features some of Ghana’s most talented actors, including Prince David Osei, Harold Amenyah, Peter Ritchie, and Jasmine Baroudi, among others.

At the exclusive premiere event held last Friday at Silverbird Cinemas, Qazeem Bello, Chief Operating Officer at UBA Ghana, highlighted the significance of the series.

’13 Kinds of Women’ is more than just a show; it’s a celebration of the strength, resilience, and diversity of women. We are thrilled to bring this powerful story to life and share it with audiences worldwide,” he said.

He further emphasized the bank’s commitment to fostering African creativity through REDTV.

“As UBA’s lifestyle channel, REDTV is dedicated to telling Africa’s stories and empowering young content creators and filmmakers across the continent.

“We believe in the power of storytelling to shape cultures and communities, and we’re proud to celebrate creativity and collaboration through this series.

“It reflects UBA’s ongoing mission to engage with our audience while supporting emerging talents in film, scriptwriting, and production.”

REDTV, proudly powered by UBA, continues to deliver rich and engaging content that showcases the very best of Africa, spanning fashion, news, music, sports, drama, travel, and more.

With 13 Kinds of Women, UBA reinforces its commitment to enriching the African creative arts industry and promoting local talent on a global platform.

’13 Kinds of Women’ will be available for streaming on REDTV’s official YouTube channel from September 19.

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BREAKING: Sowore Released Few Minutes After His Arrest at MMA

Published

3 days ago

September 15, 2024

Temitayo Olukoya

Nigerian activist and former presidential candidate Omoyele Sowore was briefly detained by the Department of State Services (DSS) this morning at Murtala Muhammed International Airport in Lagos upon his return from the United States.

His passport was confiscated as part of a broader crackdown by the government in light of planned protests under the #EndBadGovernance protest. However, after a short period, Sowore was released.

“I have just been released. My passport and everything have been returned to me,” Sowore told reporters after his release.

Sowore had been with his family in the United States.

His flight left the Washington Dulles International Airport at 6.14 EDT and arrived in Lagos at around 9.43 WAT.

More Details Shortly…