Abuja: The House of Representatives has urged President Bola Tinubu to establish a coordinated inter-agency framework aimed at curbing ransom payments across the nation. This call to action followed the unanimous adoption of a motion presented by Rep. Ademorin Kuye (APC-Lagos) during a plenary session in the capital.
According to News Agency of Nigeria, the house underscored the importance of enhancing financial intelligence and fostering collaboration among security, regulatory, and financial institutions to disrupt the financing of ransoms. Data indicates a staggering estimated payment of ?2.23 trillion in ransoms from January 2021 to June 2025. Kuye emphasized that the Federal Government holds the primary responsibility for protecting lives, maintaining public order, and safeguarding Nigeria’s economic sovereignty, as outlined in Sections 14(2)(b) and 33(1) of the Constitution.
The Central Bank of Nigeria (CBN) Act 2007 and the Banks and Other Financial Institutions Act (BOFIA) grant the CBN regulatory powers over monetary policy and the integrity of the financial system. Meanwhile, the Money Laundering (Prevention and Prohibition) Act 2022 and the Terrorism (Prevention and Prohibition) Act 2022 impose duties on financial institutions and relevant agencies to detect and report illicit financial flows, including ransom payments.
Reports from the Nigeria Financial Intelligence Unit (NFIU) and other research bodies highlight that these ransom payments have fueled kidnapping and organized crime. Investigations by the National Counter Terrorism Centre (NCTC) have revealed that Point-of-Sale (POS) operators and other financial channels are frequently used to facilitate and obscure ransom payments, complicating recovery efforts and law enforcement investigations.
The House called on the Federal Government to enhance the enforcement of regulations related to ransom payments and terrorism financing, and to encourage cooperation between victims, financial institutions, and law enforcement. Additionally, they urged the Federal Ministry of Finance to allocate adequate funding for financial intelligence infrastructure.
Lawmakers demanded a comprehensive audit of suspicious POS transactions in high-risk areas by the CBN, NFIU, and other regulatory authorities, with appropriate actions taken against those involved in ransom-related activities. They stressed the need for real-time monitoring and reporting of suspicious transactions linked to organized crimes.
Furthermore, the House called for increased oversight of bureau de change operators and other financial intermediaries to prevent their use in laundering ransom payments. They also urged the Attorney-General and law enforcement agencies to investigate and prosecute those facilitating ransom transactions.
The National Security Adviser was encouraged to convene a summit on financial intelligence to develop a national strategy to disrupt criminal financial networks. Security agencies were also urged to ensure that funds and assets recovered during anti-kidnapping operations undergo proper forensic investigation to dismantle criminal financing networks.
Speaker of the House, Rep. Abbas Tajudeen, tasked the Committees on National Security and Intelligence, Banking Regulations, and Financial Crimes to monitor compliance and report back within four weeks for further legislative action.