Mali’s Million-Dollar Kidnappings: How Al-Qaeda-Linked Jihadists Profit from “Economic Jihad”

Mali is witnessing an alarming surge in kidnappings and violent attacks led by militants affiliated with Al-Qaeda, as the country’s instability deepens amid growing economic and political uncertainty. The Group for the Support of Islam and Muslims (JNIM), the largest jihadist faction in the region, has made ransom-based abductions a key part of what it calls “economic jihad.” According to multiple security and intelligence sources, the group’s latest coup — a ransom deal worth at least 50 million dollars — is now being described as one of the most lucrative in West African history.

The staggering sum was allegedly paid to secure the release of a member of the United Arab Emirates royal family who was kidnapped near Mali’s capital, Bamako, in late September. The sheikh, known to be involved in the gold trade, was abducted along with his Iranian and Pakistani associates. A smaller ransom of 400 million CFA francs, roughly 700,000 dollars, was reportedly paid first to confirm that the hostages were alive, before a final payment estimated at 50 million dollars was made for their release. Sources indicate that the deal also included the exchange of 30 imprisoned JNIM operatives and a number of captured Malian soldiers.

Observers and analysts say this enormous payout has given the JNIM an unprecedented financial boost, empowering the group to sustain expanded military activities and an economic siege on the Malian government. The group has already carried out multiple attacks on key trade routes, set fuel tankers ablaze, and targeted mining sites vital to Mali’s economy. Heni Nsaibia, a Senior West Africa Analyst at the Armed Conflict Location and Event Data Project (ACLED), noted that at least twenty-two foreign nationals were abducted between May and October 2025 — nearly double the record number reported in 2022. Chinese, Indian, Emirati, Iranian, and Egyptian citizens are among the victims.

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Experts warn that the ransom windfall could transform the power balance in the region. Rida Lyammouri of the Policy Center for the New South stated that the newly acquired funds will “maintain the JNIM’s current level of military engagement, including the blockade on Bamako, for a prolonged period.” Intelligence reports suggest that the group is using part of its revenue to acquire commercial drones, explosives, and advanced weaponry, while paying fighters to ensure loyalty. The group also continues to expand westward, aiming to cement its dominance across the Sahel and push closer to Africa’s Atlantic coast.

The Malian junta, already weakened by successive coups in 2020 and 2021, has struggled to counter the insurgency despite support from Russian mercenaries and regional allies. With the withdrawal of French troops following political tensions, vast areas of rural Mali have effectively fallen under jihadist control. The situation has prompted Western governments, including the United States and the United Kingdom, to withdraw non-essential personnel from Mali, while several embassies have advised their citizens to leave. As JNIM’s influence and revenue climb, the threat of “economic jihad” looms large over West Africa, turning Mali into the epicenter of a lucrative and dangerous shadow economy built on fear.

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