Monday, December 7, 2009

Kidnapping Insurance, Anyone?


Yes, there really IS such a thing. I read about it in yesterday’s New York Times Magazine. Apparently kidnapping is one business that’s very lucrative during the recession, bringing in millions of dollars over the last few years. There are even K&R (kidnapping and ransom) brokers who work with governments, kidnappers, and others to negotiate deals.

Of all the countries to highlight, guess which one they chose? Their focus was on the oil-rich Niger Delta in Nigeria, which isn’t close to Jos, but it’s still disconcerting. Some random tidbits from the article:

Apparently Nigerian kidnappers are in it for the money and not the violence. They tend to treat their hostages decently (that is, after they kill the hostages’ bodyguards). Some kidnappers reportedly even provide their prisoners takeout from Mr. Biggs (kind of like an American Kentucky Fried Chicken).

A well known Nigerian film star (and ironically the chairman of a national rebranding committee that’s assigned the task of improving Nigeria’s image) was kidnapped in August. He was freed after someone paid the ransom price of just $64,700.

Between 2006 and 2008 the total amount of ransoms paid in Nigeria exceeded $100 million. Over that time, “Nigeria emerged as one of the world’s kidnapping hot spots…and shows no sign of relinquishing that dubious distinction.”

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