Kidnapping Epidemic: Banks Enabling Rapid Growth Of Abduction Industry — Experts

Security experts claim that commercial banks are encouraging the nation's kidnapping epidemic

Since some ransoms are paid into commercial banks, security experts have accused the banks of contributing to the nation's kidnapping epidemic.

Experts and analysts with backgrounds in law enforcement, intelligence, and the military emphasized that financial institutions receiving ransom payments had made kidnappings possible. They counseled security and President Bola Tinubu to put an end to the outbreak.

Speaking about banks' involvement in the abduction industry's expansion, Beacon Consulting's Managing Director, Adamu Kabiru, confirmed that banks were involved in ransom payments.

In a TVC interview, the security and risk consultant unequivocally declared that he was aware of two kidnapping-for-ransom cases involving two banks.

He said, “I will shock you today to tell you that in almost all the cases where my company was involved, the money was collected through our banking system, and I say this with a sense of responsibility. In almost all, it was only in very few circumstances that cash was collected and taken to these guys (kidnappers).

“They are so brave and bold that they provide account numbers. Two banks are guilty, and because this is a public forum, I will not mention the banks' names.

“But of course, if the security agencies are interested and they listen to this, I will be happy to provide it to them if they don't already know.”

He called on the financial regulators to fulfill their obligations by making sure banks are following the “Know Your Customer” policy.