Army chief asks banks to disrupt terror financing

Nigeria's banking sector must significantly bolster its efforts to combat terrorism financing and other illicit financial flows, according to the Chief of Army Staff, Lt. Gen. Waidi Shaibu. He stressed that the financial industry serves as a vital defense line within the nation's security framework.

“

Nigeria’s banking sector must strengthen efforts at disrupting terrorism financing and other illicit financial flows that threaten national security.

During a visit from the Group Managing Director and CEO of United Bank for Africa (UBA), Oliver Alawuba, Lt. Gen. Shaibu highlighted the financial sector's importance as a key stakeholder in maintaining national stability and economic resilience. He called on Alawuba, who also chairs the Body of Bank CEOs, to rally the entire banking industry behind these critical security efforts.

"Disrupting the financial lifelines of criminal networks remains a key component of Nigeria’s counter-terrorism and internal security strategy," the Army stated. Shaibu urged the banking industry to improve financial surveillance and intelligence-sharing mechanisms. These enhancements are crucial for detecting and blocking suspicious transactions linked to terrorism, banditry, kidnapping, and other criminal activities.

“

The financial sector is a critical stakeholder in safeguarding national stability and supporting economic resilience.

Beyond security concerns, the Army Chief also discussed personnel welfare. He revealed that the Nigerian Army is collaborating with UBA on structured mortgage schemes and housing initiatives designed to increase homeownership opportunities for both active and retired soldiers. This partnership aims to complement existing barracks infrastructure renewal projects, recognizing that improved personnel welfare is fundamental to operational effectiveness and readiness.

“

Disrupting the financial lifelines of criminal networks remains a key component of Nigeria’s counter-terrorism and internal security strategy.