COAS tasks banks on disrupting terrorism financing, secures housing partnership for troops

The Chief of Army Staff (COAS), Lt.-Gen. Waidi Shaibu, has urged the banking sector to strengthen efforts at disrupting terrorism financing and other illicit financial flows that threaten national security.

Shaibu made the call on Monday in Abuja while receiving the Group Managing Director, United Bank for Africa (UBA), Mr Oliver Alawuba, during a courtesy visit to the Army Headquarters.

This is contained in a statement by the Acting Director, Army Public Relations, Col. Appolonia Anele, in Abuja.

The COAS described the financial sector as a critical stakeholder in safeguarding national stability and supporting economic resilience.

He called on Alawuba, who is also Chairman of the Body of Bank CEOs, to mobilise the banking industry towards strengthening financial surveillance and intelligence-sharing mechanisms.

According to him, such measures are necessary to detect and block suspicious transactions linked to terrorism, banditry, kidnapping and other criminal activities.

Shaibu said disrupting the financial lifelines of criminal networks remained a key component of Nigeria’s counter-terrorism and internal security strategy.

He also underscored the importance of personnel welfare to operational effectiveness and combat readiness.

The army chief disclosed that the Nigerian Army was partnering with UBA to develop structured mortgage schemes and other housing initiatives aimed at expanding homeownership opportunities for serving and retired personnel.

According to him, the initiative will complement ongoing efforts to improve barracks infrastructure and enhance the welfare of troops.

Responding, Alawuba reaffirmed UBA’s commitment to supporting the Nigerian Army through tailored financial solutions and welfare programmes.

He said the bank would support mortgage financing arrangements, military infrastructure projects and other initiatives designed to improve the well-being of personnel.

Alawuba also pledged the bank’s assistance in facilitating efficient financial services for troops deployed on international peace support operations.

He assured the Army leadership of the banking sector’s continued partnership in promoting national development and security.