The House of Representatives has called on the Federal Government to dismantle the financial networks sustaining kidnapping, banditry and terrorism by tightening oversight of Bureau De Change operators, Point-of-Sale (POS) agents and other financial intermediaries.
The resolution followed the adoption of a motion titled, “Need for Executive Action to Halt the Ransom Cash Economy, Strengthen Financial Intelligence Coordination, and Enforce Compliance with Anti-Money Laundering Frameworks in Nigeria,” sponsored by Ademorin Kuye during Wednesday’s plenary.
Presenting the motion, Kuye said the government has a constitutional duty to protect lives and preserve the country’s economic integrity, adding that existing laws already empower relevant agencies to identify and disrupt financial transactions linked to terrorism, money laundering and ransom payments.
He cited the Nigeria Financial Intelligence Unit, the National Bureau of Statistics Crime Experience and Security Perception Survey 2024, and independent security reports, which estimated that Nigerians paid about ₦2.23 trillion in ransom between January 2021 and June 2025.
According to him, “the huge sums paid to kidnappers have continued to fuel organised criminal activities across the country.”
Kuye also warned that criminal groups now exploit POS operators, Bureau De Change operators, cryptocurrency platforms, hawala networks, livestock trading and trade-based money laundering to conceal ransom payments and finance their operations.
Following deliberations, lawmakers urged President Bola Tinubu to establish a coordinated inter-agency framework to disrupt ransom financing and strengthen collaboration among security, regulatory and financial institutions.
The House also called on the Central Bank of Nigeria, the Nigeria Financial Intelligence Unit and other regulators to audit suspicious POS transactions, improve real-time monitoring of financial activities linked to organised crime, and strengthen oversight of Bureau De Change operators.
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Lawmakers further urged the Attorney-General of the Federation and security agencies to investigate and prosecute anyone found facilitating ransom transactions.
Supporting the motion, Yusuf Gagdi said ransom payments only encourage more kidnappings.
“I am in support of this motion. When a student passes his examination, he is rewarded so that in future, he will do more. The payment of ransom to kidnappers and bandits is not helpful. If we stop paying ransom, that will demoralise them,” he said.
He also opposed the rehabilitation of repentant bandits.
“These are people who have killed military and police officers. They ambushed them and killed them. The bandits should not be rehabilitated; they should be killed,” Gagdi added.
However, Ahmed Jaha disagreed, arguing that families of kidnapping victims often have little choice.
“For us from the insecurity-ravaged areas, we know what our people face when their loved ones are abducted. I doubt if any of these people saying ransom should not be paid to secure the freedom of the abducted, have ever had their family members taken by these criminals. Even the Federal Bureau of Investigations pay ransom to secure the life, sometimes of one person,” he said.
Jaha also urged the Federal Government to ensure rescued kidnapping victims receive rehabilitation and support.
The House mandated its Committees on National Security and Intelligence, Banking Regulations, and Financial Crimes to monitor compliance with the resolutions and report back within four weeks.