By Gift ChapiOdekina, Abuja
The House of Representatives has urged the Federal Government to intensify efforts to dismantle the financial networks sustaining kidnapping, banditry and terrorism by strengthening financial intelligence coordination and tightening regulatory oversight of Bureau de Change (BDC) operators, Point-of-Sale (POS) operators 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 Hon. Ademorin Kuye.
Leading the debate, Kuye described the growing “ransom economy” as a major threat to national security and economic stability, stressing that the Federal Government has a constitutional responsibility to protect lives and safeguard the country’s financial system.
He noted that existing laws, including the Money Laundering (Prevention and Prohibition) Act, 2022, and the Terrorism (Prevention and Prohibition) Act, 2022, already empower relevant agencies to detect, prevent and prosecute money laundering, terrorism financing and ransom-related transactions.
