The Chief of Army Staff (COAS), Lieutenant General Taoreed Lagbaja, has called on financial institutions across Nigeria to take decisive action by identifying and cutting off accounts linked to terrorism financing.
Speaking on Tuesday at a security stakeholders’ forum in Kaduna, Lagbaja stressed that banditry and insurgency cannot be defeated without dismantling the financial networks that sustain them.
“Banks must step up. They have a national duty to flag suspicious transactions, freeze accounts connected to ransom payments, and block funding channels for terrorists,” the COAS said.
He urged financial regulators to enforce stricter compliance with anti-money laundering and counter-terrorism financing protocols, warning that institutions found complicit would face severe consequences.
The Army chief also disclosed that intelligence reports have identified specific accounts used to move funds for ransom payments and logistics support to bandit groups across the North-West and North-Central regions.
The Central Bank of Nigeria and the Nigerian Financial Intelligence Unit have yet to respond publicly to the COAS’s call, but sources say new guidelines for banks are being finalized.
All rights reserved ©2026 CDA News Nigeria.
Contact: info@cdanews.ng | 348 Ikwerre Road, Port Harcourt, Rivers State
