A Security Analyst, Kabir Adamu has disclosed a startling revelation that the ransoms paid to bandits in almost all investigated cases are facilitated through Nigerian banks. He noted that a significant majority of transactions involve electronic transfers rather than physical cash....CONTINUE READING THE FULL ARTICLE>>>
He stated that the audacity of the bandits is evident as they openly provide account numbers for these transactions. While refraining from naming the implicated banks, he expressed readiness to cooperate with security agencies, if they are interested in taking the matter up.
He also underscored the importance of financial regulators in enforcing robust Know Your Customer [KYC] practices within banks. He suggested that a diligent implementation of KYC could expedite the identification and apprehension of account holders involved in such transactions.
He said in an interview with TVC, ”I will shock you today to tell you that, in almost all the cases we investigated, the ransoms paid to Bandits are through our Banks. I say this with all sense of responsibility. In almost all, it’s very few that cash is collected and taken to these guys.
They are so brazen and bold that they provide account numbers. And two banks are guilty, I’m not going to mention the names of the banks. But of course, if the security agencies are interested, I will be happy and willing to provide it to them. And that is if they don’t already know.
That means when our financial regulators have a responsibility to play to ensure that banks play the KYC [Know Your Customer] element very well. If they pay the KYC very well, it will be very easy to descend on those account numbers. And arrest whoever is the holder of that account. But as at today, that has not been done…CONTINUE READING>>
