Nigerian Army Chief urges banks to cut off terror financiers

Nigeria's banking sector must intensify its fight against terrorism financing and other illicit financial flows, according to the Chief of Army Staff, Lieutenant General Waidi Shaibu. He stressed that the financial industry is a crucial defense line within the nation's security framework.

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

During a courtesy visit from Oliver Alawuba, the Group Managing Director and CEO of the United Bank for Africa (UBA), to the Army Headquarters in Abuja, Shaibu highlighted the financial sector's importance as a key stakeholder in safeguarding national stability and supporting economic resilience. He specifically called on Alawuba, in his capacity as Chairman of the Body of Bank CEOs, to mobilize the entire banking industry.

"Disrupting the financial lifelines of criminal networks remains a key component of Nigeria’s counter-terrorism and internal security strategy," a statement from the Army's spokesperson, Col. Appolonia Anele, read. Shaibu urged the banking industry to enhance financial surveillance and intelligence-sharing mechanisms to detect and block suspicious transactions linked to terrorism, banditry, kidnapping, and other criminal activities.

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

Beyond security concerns, the meeting also addressed personnel welfare. The Nigerian Army is collaborating with UBA on structured mortgage schemes and housing initiatives to expand homeownership for both active and retired soldiers. Shaibu noted that this partnership would complement existing barracks infrastructure renewal efforts, emphasizing that improved personnel welfare is vital for operational effectiveness and force readiness.

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Mr Alawuba, please use your capacity as Chairman of the Body of Bank CEOs, to mobilise the banking industry towards enhancing financial surveillance and intelligence-sharing mechanisms capable of detecting and blocking suspicious transactions linked to terrorism, banditry, kidnapping, and other criminal activities.

Alawuba affirmed UBA's commitment to supporting the Nigerian Army with tailored financial solutions, including mortgage financing and assistance for military infrastructure projects and welfare initiatives. He also pledged the bank's support in facilitating efficient financial services for soldiers engaged in international peace support operations.

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