BREAKING: FG CONSIDERS RETURN OF STRICT CASHLESS POLICY TO CURB KIDNAPPING IN NIGERIA

FG CONSIDERS RETURN OF STRICT CASHLESS POLICY TO CURB KIDNAPPING IN NIGERIA

The Federal Government is considering the reintroduction of a stricter cashless policy as part of broader efforts to combat the rising wave of kidnapping and other security-related crimes across Nigeria.

According to reports from security sources familiar with ongoing discussions, the proposal is currently being reviewed alongside military and intelligence strategies aimed at disrupting kidnapping operations and blocking financial channels used by criminal networks.

Officials involved in the security review process disclosed that limiting the circulation of physical cash could make it significantly more difficult for kidnappers and other criminal groups to collect ransom payments without leaving a trace.

The move is reportedly being examined as authorities intensify efforts to address the growing insecurity challenge affecting several parts of the country, particularly incidents involving abductions for ransom.

Security insiders noted that many criminal networks rely heavily on cash transactions because they often leave little or no financial record, making it difficult for law enforcement agencies to trace the movement of funds or identify individuals connected to illegal activities.

Under a stricter cashless system, authorities believe suspicious financial transactions could become easier to monitor, giving security agencies stronger tools to gather intelligence and track criminal operations.

Analysts say ransom payments processed through regulated financial institutions provide investigators with transaction histories that can help uncover the structure of kidnapping syndicates and identify accomplices.

Speaking on the issue, security analyst Iyke Odife described kidnapping for ransom as one of Nigeria’s most pressing security concerns, noting that victims now cut across different segments of society.

He explained that farmers, students, travellers, traditional rulers, business owners, and residents of rural communities have increasingly become targets of criminal groups seeking ransom payments.

Odife further stated that the widespread dependence on cash transactions within the economy has created opportunities for criminal elements to receive and move illicit funds with minimal scrutiny.

He added that reducing the use of physical cash in high-risk transactions could make it harder for kidnapping syndicates to operate freely while strengthening the capacity of security agencies to trace illegal financial movements.

The proposed policy review comes as the Federal Government continues to explore additional security measures aimed at addressing organized crime and improving national security operations across the country.