Reported by: Ijeoma G | Edited by: Oravbiere Osayomore Promise.
The Chief of Army Staff, Lieutenant General Waidi Shaibu, has called on Nigeria’s banking sector to strengthen efforts aimed at disrupting terrorism financing and other illicit financial flows that threaten national security. The Army Chief made the call on Monday, June 8, 2026, while receiving the Group Managing Director and Chief Executive Officer of United Bank for Africa (UBA), Mr. Oliver Alawuba, during a courtesy visit to the Army Headquarters in Abuja.
In a statement by the Army spokesperson, Colonel Appolonia Anele, Lieutenant General Shaibu described the financial sector as a critical stakeholder in safeguarding national stability and supporting economic resilience. He urged Mr. Alawuba, who also serves as the 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.
The COAS emphasised that disrupting the financial lifelines of criminal networks remains a key component of Nigeria’s counter-terrorism and internal security strategy. “Nigeria’s banking sector must strengthen efforts at disrupting terrorism financing and other illicit financial flows that threaten national security,” the statement read in part.
Beyond security concerns, Lieutenant General Shaibu highlighted the Nigerian Army’s commitment to improving the welfare of its personnel as a pillar of operational effectiveness and force readiness. He disclosed that the Army is partnering with UBA to develop structured mortgage schemes and other housing initiatives aimed at expanding homeownership opportunities for serving and retired personnel while complementing ongoing barracks infrastructure renewal efforts across the country.
In his remarks, Mr. Alawuba reaffirmed UBA’s commitment to supporting the Nigerian Army through tailored financial solutions, including mortgage financing, support for military infrastructure projects, and welfare initiatives. The UBA chief also pledged the bank’s assistance in facilitating efficient financial services for personnel deployed on international peace support operations.
The call comes amid heightened efforts by the federal government to curb terrorism financing and money laundering activities. In April 2026, the government, through the Nigeria Sanctions Committee and the Nigerian Financial Intelligence Unit, released a list of 48 individuals and entities allegedly linked to funding terrorism, including Ansaru, the Indigenous People of Biafra (IPOB), and the Islamic State West Africa Province (ISWAP). The government has also previously warned that banks, financial institutions, and professional service firms found to be aiding or facilitating terrorism financing would face severe sanctions.
Security experts have consistently argued that strengthening financial intelligence, improving regulatory compliance, and enhancing cooperation between security agencies and financial institutions are essential to tackling insecurity and organised crime in Nigeria. The meeting at Army Headquarters underscored growing collaboration between the military and the financial sector in addressing both security and welfare challenges facing the armed forces.
📩 Stone Reporters News | 🌍 stonereportersnews.com ✉️ info@stonereportersnews.com | 📘 Facebook: Stone Reporters News | 🐦 X (Twitter): @StoneReportNew | 📸 Instagram: @stonereportersnews
Add comment
Comments