Bill seeking to prohibit ransom payments passes third reading on Senate floor

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The Senate has passed its third reading of a bill prohibiting ransom payments.

Following the presentation of a report by Opeyemi Bamidele, head of the judiciary committee, the bill was passed by the upper legislative chamber on Wednesday.

The bill amends the Terrorism (Prevention) Act of 2013, which was passed in 2013.The bill, according to the senator, will deter the rising number of kidnappings around the country.

"Having policies in place to combat 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,” Bamidele noted.

"The passage of this bill will prevent Nigeria from being included to the Financial Action Task Force (FATF) grey list, which would have significant effects, including international penalties that would harm the country's image in the community of nations," he said.

Senate President Ahmad Lawan, for one, stated that if the bill is passed, it will help the country's security position.

"This is one piece of legislation that has the potential to turn around not only Nigeria's security situation, but also its economic prospects," Lawan said.

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