The House of Representatives has called on President Bola Tinubu to establish a coordinated inter-agency framework to combat ransom payments in Nigeria, following revelations that Nigerians paid an estimated N2.23 trillion to kidnappers between January 2021 and June 2025.
The resolution followed the unanimous adoption of a motion by Rep. Ademorin Kuye (APC-Lagos) during Wednesday’s plenary in Abuja, which highlighted the urgent need to strengthen financial intelligence and collaboration among security, regulatory and financial institutions to disrupt ransom financing.
PoS Operators, Cryptocurrency Exploited by Criminal Networks
Kuye cited reports from the Nigeria Financial Intelligence Unit (NFIU), the National Bureau of Statistics’ Crime Experience and Security Perception Survey 2024, and independent security organisations in presenting the alarming statistics.
“Investigations by the National Counter Terrorism Centre, under the Office of the National Security Adviser, revealed that point-of-sale operators and other financial channels have been used to facilitate ransom payments and conceal financial trails, thereby frustrating recovery efforts and law enforcement investigations,” Kuye said.
He further noted that criminal and terrorist networks continue to exploit both formal and informal financial systems, including bureau de change operators, hawala networks, cryptocurrency platforms, livestock transactions and trade-based money laundering schemes to launder ransom proceeds and reintegrate them into the legitimate economy.
Lawmakers Propose Comprehensive Measures
The House urged the federal government to strengthen implementation and enforcement of regulations relating to ransom payments and terrorism financing, while promoting cooperation among victims, financial institutions and law enforcement agencies.
The legislators also called on the Federal Ministry of Finance to provide adequate funding for financial intelligence infrastructure, including advanced transaction monitoring and analytical systems.
Additionally, the House urged the Central Bank of Nigeria, NFIU and other relevant regulatory authorities to conduct a comprehensive audit of suspicious PoS transactions in high-risk areas and take appropriate regulatory action against operators found to be involved in ransom-related activities.
Summit, Prosecution Recommended
The lawmakers called for strengthened real-time monitoring and reporting mechanisms for suspicious financial transactions linked to kidnapping, banditry, terrorism and other organised crimes, alongside enhanced oversight of bureau de change operators and other financial intermediaries.
They urged the Attorney General of the Federation and relevant law enforcement agencies to investigate and prosecute individuals and entities involved in facilitating ransom transactions in accordance with existing laws.
The National Security Adviser was tasked with convening a stakeholders’ summit on financial intelligence and ransom financing to develop a coordinated national strategy to disrupt criminal financial networks.
Recovery Assets Must Face Forensic Investigation
The legislators further urged security agencies to ensure that funds and assets recovered during anti-kidnapping and counter-terrorism operations are subjected to proper forensic financial investigation to identify and dismantle criminal financing networks.
Speaker of the House, Abbas Tajudeen, mandated 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.