National Security Adviser (NSA) Nuhu Ribadu has raised concerns over the growing trend of unregulated cash movement within Nigeria, warning that the practice poses serious security risks and facilitates illicit financial activities.
Speaking at a security conference, Ribadu revealed that commercial aircraft frequently transport large sums of cash, with some flights carrying money that occupies half of the passenger seats. He added that private aircraft, boats, and other transport means are also being used to move cash outside regulatory oversight.
He described the situation as alarming, pointing out that the lack of control enables money laundering, corruption, and criminal enterprises to thrive. Ribadu called for a stricter monitoring system to track cash movements, ensure compliance, and deter illegal financial activities.
He also urged financial institutions to strengthen internal security measures and enhance collaboration with law enforcement agencies. According to him, only a well-coordinated approach can effectively tackle the threats posed by unregulated cash transactions.
