Reps Seek Crackdown On Ransom Financing And BDC Oversight

The House of Representatives has asked the Federal Government to move against the financial channels used to sustain kidnapping, banditry and terrorism.

The resolution followed a motion by Lagos lawmaker Ademorin Kuye, who urged tighter coordination among financial intelligence agencies and stronger oversight of Bureau De Change operators, Point-of-Sale operators and other intermediaries.

Kuye cited existing anti-money laundering and terrorism prevention laws, saying the rules already require banks, financial businesses and relevant agencies to identify and report transactions linked to ransom payments and terrorism financing.

He also cited figures from the Nigeria Financial Intelligence Unit, the National Bureau of Statistics Crime Experience and Security Perception Survey, 2024, and security research groups, saying Nigerians paid about N2.23tn in ransom between January 2021 and June 2025.

The House asked the executive arm to strengthen enforcement so ransom payments and illicit transfers do not continue to move through weakly monitored financial channels.

Sources: Punch, Vanguard