The House of Representatives has called on the Federal Government to dismantle the financial infrastructure supporting banditry and terrorism. The legislative body seeks improved coordination of financial intelligence and stricter regulation of Bureau de Change and Point-of-Sale operators.
This initiative follows a motion by Hon. Ademorin Kuye, who highlighted that the ransom economy poses a severe threat to national stability. Data cited from the Nigeria Financial Intelligence Unit and other reports suggest that roughly ₦2.23 trillion was paid in ransoms between early 2021 and mid-2025. Kuye argued that these payments empower criminal groups to scale their operations.
Lawmakers emphasized that existing regulations, such as the 2022 Money Laundering and Terrorism Prevention Acts, are sufficient but under-enforced. The National Counter Terrorism Centre has found that illicit actors exploit informal financial networks, including cryptocurrency and livestock trading, to conceal their transactions.
The House has urged President Bola Tinubu to form an inter-agency framework to curb these illicit money flows. Directives were issued to the Central Bank of Nigeria and the NFIU to conduct audits of suspicious transactions and increase oversight of financial intermediaries. Furthermore, the Attorney-General has been tasked with prosecuting those facilitating these payments.
During the floor debate, opinions varied regarding the cessation of ransom payments. While Hon. Yusuf Gagdi argued that paying ransoms only incentivizes further kidnappings, Hon. Ahmed Jaha noted that desperate families often have no other alternative, suggesting that the government should focus on supporting victims after their release. The House committees on National Security and Banking will oversee the implementation of these directives.
