The House of Representatives has raised alarm over Nigeria’s growing ransom economy, estimated at ₦2.23 trillion between January 2021 and June 2025, and its role in sustaining kidnapping, banditry, and terrorism.
Adopting a motion sponsored by Lagos lawmaker Ademorin Kuye, the House urged urgent executive action to dismantle criminal financial networks, strengthen financial intelligence, and tighten oversight of POS operators, Bureau De Change, and other intermediaries exploited for ransom transactions.
Kuye cited findings from the Nigeria Financial Intelligence Unit, the National Bureau of Statistics, and independent security researchers, warning that ransom payments are fueling organised crime.
He noted that criminals increasingly use both formal and informal systems, including cryptocurrency, hawala networks, and trade-based laundering, to conceal financial trails.
The House directed the Central Bank of Nigeria and regulators to audit suspicious POS transactions in high-risk areas, strengthen real-time monitoring, and enforce anti-money laundering laws.
It also urged the Attorney-General to prosecute individuals and organisations facilitating ransom payments.Lawmakers debated the motion intensely.
Plateau lawmaker Yusuf Gagdi argued that ransom payments embolden bandits, while Ahmed Jaha of Borno countered that families in insecurity-ravaged regions often have no choice but to pay to save loved ones.
The House resolved to mandate its committees on National Security, Banking Regulations, and Financial Crimes to monitor compliance and report back within four weeks.
Kidnapping for ransom has become one of Nigeria’s most pressing security challenges, with experts stressing that disrupting financial flows is key to weakening criminal groups.
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