The Senate on Wednesday passed a bill to make it criminal to pay ransom to kidnappers in Nigeria, saying this move is to “discourage the rising spate of kidnapping and abduction for ransom,” which it noted was “fast spreading across the country.”

Mr Opeyemi Bamidele, chairman of the Senate Committee on Judiciary, Human Rights and Legal Matters, while presenting a bill to amend the Terrorism (Prevention) Act 2013 (Amendment) Bill 2022, stated that “having policies in place to combat the financing of terrorism will surely reduce or eliminate privacy and anonymity in financial and other sundry transactions as it relates to the subject in our society.”

When signed into law by the President, the lawmaker said it would be against the law to make payment to abductors, kidnappers and terrorists for the release of any person who has been wrongfully confined, imprisoned or kidnapped.

Mr Bamidele disclosed that in the memoranda presented to the committee, a plethora of issues relating to the subject matter of terrorism and terrorism financing in line with global best practices were raised.

He assured that the amendment to the Terrorism Act would set standards and regulatory system intended to prevent terrorist groups from laundering money through the banking system and other financial networks.

The Senator from Ekiti State explained further that the need to comprehensively review the Terrorism Prevention Act arose from the unfavourable ratings of Financial Act Task Force (FATF) recommendations of Nigeria’s Mutual Evaluation Report and consequent placement of Nigeria in FATF’S International Cooperation and Review Group Process with its impending sanctions on Nigeria’s economy.

He stated that the National Task Force on improving Nigeria’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime in Nigeria, a proposed improvement on the Act in order to address the deficiencies noted in its provisions so as to align with the required standard as obtainable in other jurisdictions.

The former Commissioner in Lagos State emphasised that the proposed repeal and enactment Bill was geared towards improving the effectiveness of countermeasures against terrorism, terrorism financing and proliferation financing.

The lawmaker noted that the repeal is aimed at providing an adequate framework for improved international collaboration, inter-agency cooperation and freezing of terrorist funds/assets.

Mr Bamidele said that, “the passage of this Bill will save Nigeria from being included among countries in the Financial Action Task Force (FATF) Grey List with its attendant negative consequences, which might ultimately result to international sanctions that would affect the image of the country in the comity of nations.”

Ahmad Lawan, Senate President, in his remarks after the bill was passed, said the bill would complement the federal government’s efforts in the fight against insecurity when signed into law by the President.

“It is our belief here in the Senate, that this bill, by the time signed into an Act by Mr President, will enhance the efforts of this government in the fight against terrorism, kidnapping, and other associated and related vices.

“This is one piece of legislation that can turn around not only the security situation in Nigeria but even the economic fortunes of our country.

“We have done so much as a government, in terms of infrastructural development across all parts of this country, but because the security situation is not the kind of situation that we all want, this tends to overshadow all the tremendous and massive developments in our country.

“I believe that the Executive will waste no time in signing this bill into law, and it is our hope that this additional piece of legislation will achieve the purpose for which it has been worked upon by the Senate, and, indeed, the National Assembly and, for the reason for which it would also be signed by Mr President.

“Let me make it very clear here, that the fight against insecurity, whether it is kidnapping, terrorism or whatsoever, is not the sole role of a government.

“The contribution and support by citizens are essential because our security agencies need vital and critical information against terrorism and other things that make life difficult for us,” he stated.