This study departs from the usual journalists’ safety research, which focuses solely on determining the extent of press freedom in Nigeria. It is a holistic probe of investigative journalists’ safety threats. Using the journalists’ safety conceptual model, in-depth interviews, and qualitative content analysis, this study interrogates the sources of threats to journalists, their risk factors, the typical threats, and the effects of the threats on journalists’ livelihoods and journalism practice. The journalists’ coping strategies were also examined. The findings show that investigative journalists were constantly targeted for various degrees of harm and sometimes death. Journalists’ sources were also targeted for the same fates. While some civil society organizations provided sundry support to journalists, others, including the Nigerian Union of Journalists (NUJ), were indicted for conspiring with mainly state actors to oppress journalists. Similarly, other journalists, editors, and newsrooms were co-conspirators in attacks on investigative journalists. Therefore, with the psychological, physical, financial, and digital well-being of journalists under regular threats, policymakers and advocacy groups are tasked with halting the increasing decline in journalists’ safety in the country and saving watchdog journalism from extinction.