The House of Representatives raises concern about Nigeria’s “ransom economy” and its links to kidnapping, banditry, and terrorism. Lawmakers say ransom payments are estimated at ₦2.23 trillion between January 2021 and June 2025, based on inputs referenced from the Nigeria Financial Intelligence Unit, the National Bureau of Statistics, and independent security researchers.
Following a motion sponsored by Lagos lawmaker Ademorin Kuye, the House calls for urgent executive action to disrupt the financial networks that help criminals receive and launder ransom proceeds. It urges stronger financial intelligence, tighter oversight, and enhanced monitoring of financial intermediaries that may be used for transactions, including point-of-sale (POS) operators and Bureau De Change activities.
The House also calls on the Central Bank of Nigeria and other regulators to audit suspicious POS transactions in high-risk areas, enforce anti-money laundering rules, and improve real-time monitoring. Lawmakers further urge the Attorney-General to prosecute individuals and organisations that facilitate ransom payments.
During debate, members expressed differing views, including arguments that paying ransoms can embolden attackers and counterpoints that families may feel compelled to pay to protect relatives. The House tasks relevant committees to monitor compliance and report back within four weeks.
