₦airaland Forum

Imagine people's hustle

We don’t have the infrastructure to support a cashless society.

We can’t put the cart before the horse.

bid4rich:
Though Emefiele's cashless policy was a laudable one but it was ill-timed. We would have been used to it had it been that it continued.

How many of you noticed that during the period, there was no kidnapping whatsoever from any part of the country! This is because there was no cash to pay any miscreant.

But now that we are back to our normal way of cash dominated economy, the kidnapping resumed.

Anyway, the wise government will understand what need to be done

Jakumo:
I have pondered the questions but came to the conclusion that kidnap ransom money NEVER sets foot in any legitimate bank. That money could be paid directly to arms dealers in cash whenever the kidnap gang wishes to upgrade its weaponry, or the cash could be used to buy bulk food items in the northern part of Nigeria, to then casually sell those truckloads of food on the open market as a means to launder the proceeds of such sales which can then fly under the radar into the kidnap kingpin's corporate bank accounts.

Finally, the cash received from families of kidnap victims could be changed into hard currencies like the dollar, euro, and pound sterling, since those currencies would occupy much smaller physical space than their naira equivalent. Ten million naira cash, denominated in one-thousand naira notes, would occupy space equivalent to FOUR loaves of bread.

At today's currency exchange rate of 1,500 naira per US dollar, that same ten million naira equals about $8 thousand US dollars, which can easily be stashed in a shirt pocket, a money belt, or in a vehicle's tiny cubby hole for smuggling out of Nigeria. Alternatively, such money can be designated for secret burial inside military-grade waterproof containers whose geographical locations need not be marked in this age of the GPS.

Even though a significant number of ransom payments are not reported to the authorities, a reasonable number have been monitored by government, at least considering escalation of the rate of kidnapping in the last decade.

The government knows the cashflow of ransom paid to the criminals. Highly probable endpoints of the cashflow:

Proliferation of arms and arms factories
If you recall, a number of local arms factories have been busted in the last few weeks.

Currency exchange
This gives an explanation to why you'll see the names of some BDCs in the Terror Sponsors list.

Natural Resource Exploration
There seems to be a distribution pattern of the camps of these criminals/bandits; around areas rich in resources eg mining sites, etc.
Here, labourers would be paid, transactions would also be made, local and foreign.
For this to happen, there'll most likely be involvement of key figures within the area or region.

The government knows all these and even more.

Political will and innovative methods of approach to the problem is what is needed.

tochez24:
You're more naive than the most foolish Nigerian on ground ⚠️😄

Who told you that the money will be deposited in Nigerian bank account

All these kidnappers have foreign accounts, btc wallets and mostly multi billionaire business AZA men that collect the money for them without traces!!!!

Moreover Nigeria police doesn't have the technology or contacts to track foreign transactions..

You are even more naive and making weak excuses for a failed system of leadership.

There's nothing complicated or difficult about tracing and tracking funds... In fact, it's easier than you think.

The truth is that the will is not there.

We are just an immoral and corrupt society with morally bankrupt systems.

NaMe4:
Even though a significant number of ransom payments are not reported to the authorities, a reasonable number have been monitored by government, at least considering escalation of the rate of kidnapping in the last decade.

The government knows the cashflow of ransom paid to the criminals. A highly probable endpoints of the cashflow:

Proliferation of arms and arm factories
If you recall, a number of local arms factories have been busted in the last few weeks.

Currency exchange
This gives an explanation to why you'll see the names of some BDCs in the Terror Sponsors list.

Natural Resource Exploration
There seems to be a distribution pattern of the camps of these criminals/bandits; around areas rich in resources eg mining sites, etc.
Here, labourers would be paid, transactions would also be made, local and foreign.
For this to happen, there'll most likely be involvement of key figures within the area or region.

The government knows all these and even more.

These are thought-provoking points you've made, NaMe4


Powerful forces of evil have descended on Nigeria, and their tentacles extend from the banking sector to the illegal mining sector that is as always dominated by Chinese Triad gang members currently swarming the African continent with environmentally destructive exploitation topping their agenda.

Jakumo:
These are thought-provoking points you've made, NaMe4


Powerful forces of evil have descended on Nigeria, and their tentacles extend from the banking sector to the illegal mining sector that is as always dominated by Chinese Triad gang members currently swarming the African continent with destructive exploration topping their agenda.

Very well. That's a reality faced by Nigeria (& many parts of Africa) today.

MONEY/POWER/DEATH

Make Dem call Mr Atiku na

Damn poor naira.
Who demands 500 million in dollars

Asonaijaaso:
Whats your suggestion to rid the country of this nuisance ?
Maybe they need to employ evans the kidnapper to tell us how to thwart them.

Until kidnappers get the same brutal treatment as secessionists then it is all a joke,
Coz with secessionists, there are no negotiations! you are either killed or hunted down

A country where
Leader
Political
Elite
Richest

Are all birds of the same feather

Group of criminals.

GAME AND POLITICS....

Philip is that you?

GanagiBitrus:
Wish Kidnappers can be fed alive to Lions.

Till then, they'll continue to regard Kidnapping as a lucrative business.

Instead address the same to the politician that was indeed kidnapped ...they toy with the future of Nigerians they are the cause of all the crimes OK

Antoeni:
I Wish Bandit ,Kidnappers and Terrorists Will Continue to Channel Their Energies to The Corrupt Dubious & Fraudulent Politicians & Ruling Class in Nigeria and Leave The Common Nigerians Alone, it Will Make a Whole Lot of Sense.

I honestly wish that too .. They shud kidnap and kill them after collecting the ransom ..this is what we need

yankison:
Instead address the same to the politician that was indeed kidnapped ...they toy with the future of Nigerians they are the cause of all the crimes OK

So you are excusing Kidnappers. Your are a suspect.

tochez24:
Wish it for your leaders and their senseless supporters that have made NIGERIA a living hell for everyone first⚠️

Do you think people will resort to kidnapping if NIGERIA is working??

So you are excusing Kidnappers. You are a suspect.

LOVEGINO:
if na polithieftians no wahala.

All join.

Jakumo:
I have pondered the questions but came to the conclusion that kidnap ransom money NEVER sets foot in any legitimate bank. That money could be paid directly to arms dealers in cash whenever the kidnap gang wishes to upgrade its weaponry, or the cash could be used to buy bulk food items in the northern part of Nigeria, to then casually sell those truckloads of food on the open market as a means to launder the proceeds of such sales which can then fly under the radar into the kidnap kingpin's corporate bank accounts.

Finally, the cash received from families of kidnap victims could be changed into hard currencies like the dollar, euro, and pound sterling, since those currencies would occupy much smaller physical space than their naira equivalent. Ten million naira cash, denominated in one-thousand naira notes, would occupy space equivalent to FOUR loaves of bread.

At today's currency exchange rate of 1,500 naira per US dollar, that same ten million naira equals about $8 thousand US dollars, which can easily be stashed in a shirt pocket, a money belt, or in a vehicle's tiny cubby hole for smuggling out of Nigeria. Alternatively, such money can be designated for secret burial inside military-grade waterproof containers whose geographical locations need not be marked in this age of the GPS.

I perfectly understand all these processes you
mentioned, and is a brilliant analysis of the situation - But what about the collection of the ransom? there are chips today that can be inserted in the packagar that will track the kidnappers to their hideout until they are smokedout by security forces

This is 2024 for goodness sakes - there are nano
micro chips that are as small as one seed of rice that can report GPS tracking in a millisecond


so there is no justification for the Nigerian State to be handling kidnapping and kidnappers with kid gloves except they the State is complicit in the Kidnapping epidemic.

As expected

Nigeria matter don tire person.... Every bad news, this world don tire me

Failed nation … kidnappers operate freely with easily traceable phones and the clueless security forces and ineffective governments cannot do anything at all!

gabbytabby:
We don’t have the infrastructure to support a cashless society.

We can’t put the cart before the horse.

We may not have it then but those things would have come by if we had not compromised. One of the challenges we are having in Nigeria's democratic system is that we don't have a culture of continuity and it's dragging us back a lot

And kill people in the process, how smart NOT

bid4rich:
We may not have it then but those things would have come by if we had not compromised. One of the challenges we are having in Nigeria's democratic system is that we don't have a culture of continuity and it's dragging us back a lot

Listen to yourself. Tell me any state in Nigeria where kidnapping has not taken place including your Balablu Aso Rock where Wike is their CSO. Edo has been safe reason the chairman doesn't use security men. PDP obaseki is doing well in Edo without noise and in all sectors. Asue Ighodalo is everybody's choice in the coming election because he's the best.

olisaEze:
They’re after all the 'consultation kola' & 'thank you for coming' that aspirants have dropped for him. PDP Chairman in a PDP State?? If this is not a clear indication that that State cannot continue with that Party, I wonder what is!

Gumi knows who and where the kidnappers are

He's been running PR for them right under the noses of the Nigerian government for the past several years