The House of Representatives has called for urgent action to dismantle the financial networks fueling kidnapping, banditry and terrorism across Nigeria, following reports that over ₦2.23 trillion was paid as ransom between 2021 and 2025.
Lawmakers said the growing ransom economy has become a major source of funding for criminal groups, urging the Federal Government to strengthen financial intelligence and tighten oversight of Bureau De Change (BDC) operators, Point-of-Sale (POS) agents and other financial intermediaries.
Leading the debate, Rep. Ademorin Kuye said existing anti-money laundering and terrorism financing laws must be fully enforced to disrupt illegal financial transactions linked to insecurity.
According to the lawmaker, intelligence reports revealed that some POS operators and other financial channels have been exploited to process ransom payments and hide financial trails, making investigations more difficult.
The House also warned that criminal groups are increasingly using informal financial systems, cryptocurrency platforms, hawala networks and trade-based money laundering schemes to move and conceal illicit funds.
Following the debate, lawmakers urged President Bola Tinubu to establish a coordinated inter-agency framework to disrupt ransom financing, strengthen financial intelligence, investigate suspicious transactions and prosecute anyone found aiding ransom payments.
During the session, some lawmakers argued that paying ransom encourages kidnappers, while others insisted families often have no choice when loved ones are held captive.
The House also directed its relevant committees to monitor the implementation of the resolutions and report back within four weeks.
Source: House of Representatives
