Nigeria implements new CBN terrorism financing oversight and army reshuffle

Nigeria is seeing significant developments in security, finance, and political debate. The Central Bank of Nigeria (CBN) has implemented a new supervisory framework to prevent financial institutions from being used for terrorism financing and other illicit activities.

In military developments, the Nigerian Army has announced a major command reshuffle affecting generals in frontline formations, training institutions, and strategic departments, including the appointment of a new commander for operations in the North-East.

Political tensions persist regarding the removal of the fuel subsidy. Former Vice President Atiku Abubakar has criticized the federal government’s management of Federation Account Allocation Committee (FAAC) funds, labeling the rising allocations a ‘monetary illusion’ due to inflation and naira depreciation. In response, Ogun State Governor Dapo Abiodun argued that state governors, rather than the presidency, should be held accountable for the utilization of increased allocations resulting from the subsidy removal, stating that these funds are being used for state infrastructure and development.

Additionally, Bosun Tijani, the Minister of Communications, Innovation and Digital Economy, has stepped down from his candidacy for Deputy Secretary-General of the International Telecommunication Union (ITU).