Security Experts Accuse Commercial Banks Of Encouraging Kidnapping

Security experts have accused commercial banks of encouraging the kidnapping epidemic in the country, as some ransoms are paid into bank accounts.

The experts and analysts, who have backgrounds in military, intelligence, and policing, also stressed that abductions had become an industry enabled by the financial institutions that received ransoms.

They advised President Bola Tinubu and security to end the epidemic.

Speaking on the complicity of banks in the growth of the abduction business, the Managing Director of Beacon Consulting, Adamu Kabiru, affirmed that banks were involved in collecting ransoms.

Speaking in an interview on TVC, the security and risk consultant categorically stated that two banks were involved in two kidnap-for-ransom cases, which he was aware of.

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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 urged the financial regulators to live up to their billing by ensuring the ‘Know Your Customer’ policy is effectively implemented by banks.

Adamu said, “So, even our financial regulators have a responsibility to ensure that banks play the Know Your Customers element very well.

“If they play that KYC element very well, it will be very easy, for instance, to descend on those account numbers and, of course, arrest whoever is the holder of that account. But as of today, that has not been done.”