House urges executive action to dismantle ransom financing networks

5 min read

The House of Representatives approved a motion urging urgent executive action to disrupt financial networks that sustain kidnapping, banditry and terrorism. Sponsored by Lagos lawmaker Ademorin Kuye, the motion cited the Money Laundering (Prevention and Prohibition) Act 2022, the Terrorism (Prevention and Prohibition) Act 2022, and reports that estimate about N2.23tn paid in ransom between January 2021 and June 2025. The House called on President Bola Tinubu to create an inter-agency framework, ordered audits of suspicious POS transactions, asked the CBN and NFIU to tighten oversight, requested funding for analytic systems, and mandated committees to report in four weeks.

House seeks stronger financial controls to disrupt ransom financing