COAS Shaibu Urges Banks to Combat Terror Financing

On Monday, Lieutenant General Waidi Shaibu, the Chief of Army Staff (COAS) of Nigeria, called on the banking sector to enhance efforts in disrupting terror financing and illicit financial flows that threaten national security. This statement was made during a courtesy visit from Oliv Alawuba, the Group Managing Director and Chief Executive Officer of United Bank for Africa (UBA), at the Army Headquarters in Abuja.

Shaibu described the financial sector as a critical stakeholder in safeguarding national stability and urged Alawuba, who is also the Chairman of the Bankers' Committee, to mobilize the entire banking industry to strengthen financial surveillance and intelligence-sharing mechanisms. These measures are aimed at detecting and blocking suspicious transactions linked to terrorism, banditry, and kidnapping.

Additionally, Shaibu addressed the welfare of military personnel, revealing a partnership with UBA to develop a mortgage scheme aimed at expanding homeownership opportunities for retired soldiers, complementing ongoing barrack infrastructure renewal efforts.