financial

MOGADISHU, Somalia — Somalia’s federal government says al-Shabab is facing mounting financial strain after a string of operations that killed senior operatives overseeing the group’s revenue networks and a sustained push to dismantle its funding channels. State news agency SONNA reported Saturday, citing intelligence sources, that the al-Qaida-linked group is struggling to reconstitute income streams amid a coordinated financial offensive aimed at its economic backbone. Independent verification of the internal figures was…

Somalia’s NISA kills Al-Shabaab finance chief in targeted operation MOGADISHU, Somalia — Somalia’s National Intelligence and Security Agency, working with international partners, killed Abdullahi Hassan Abdi Cosoble — widely known as Abdullahi Wadaad — in a planned operation on Jan. 23 in the Kuunyo Barrow area of the Lower Shabelle region, the agency said. NISA identified Wadaad as the militant group’s chief financial commander, overseeing the collection and management of money illegally extracted from Somali citizens.…

MOGADISHU, Somalia — Somalia is bracing for tighter finances after the United States reduced foreign aid, a move officials say is already disrupting assistance and development services across the country. State Minister for Foreign Affairs Ali Omar Ali, known as Ali Balcad, said the government has “recognized this change and is trying to adapt,” framing the shift as part of a broader recalibration of U.S. foreign assistance rather than a Somalia-specific decision. He added that Washington still maintains strategic interests…

Luxembourg regulator on the hot seat as finance, diplomacy and activism collide Regulatory shuffle sparks protests In a story that folds finance into foreign policy, Luxembourg’s financial watchdog is set to face questioning by lawmakers after approving paperwork that allows Israel to sell bonds into the European market. The decision follows a move at the start of September when Israel shifted the authorisation for its bond prospectuses from the Central Bank of Ireland to Luxembourg’s regulator. The move has been…

The Hemorrhage: Africa's Battle Against Illicit Financial Flows As the sun rises over the sprawling cities of Africa, it casts a light on an urgent issue plaguing the continent: illicit financial flows. While Africa is rich in resources and potential, it is estimated to lose a staggering U.S.$88 billion each year due to tax evasion, money laundering, and corruption. This figure, a steep jump from U.S.$50 billion just eight years ago, paints a bleak picture of a continent struggling against forces that siphon away its…

Somalia's U-17 football squad squared off against Algeria in a crucial Africa Cup of Nations match, their performance a testament to their determination on the field. Wearing their distinctive blue kits, the young Somali players worked tirelessly to thwart Algeria’s aggressive advances, showcasing remarkable tenacity and skill. Mogadishu (AX) — In Uganda, the stage is set for the U-17 CECAFA qualifiers. Here, East and Central Africa's burgeoning football maestros will strive to claim their spots in the prestigious 2025…

In a significant move, Somalia has announced the cancellation of over $1.1 billion in loans, roughly a quarter of their outstanding debt. Wow, isn't that a breath of fresh air? This declaration follows a string of similar commitments by lenders, freeing Somalia from financial shackles. The burden originated chiefly during Siad Barre's authoritarian rule, the aftermath of which led to civil chaos lasting three decades. The saga of heavy debt continued to loom large until now. President Hassan Sheikh Mohamud described the…

Mogadishu and Ankara Forge New Financial Ties MOGADISHU, Somalia - In a move that underscores the deepening relations between Somalia and Turkey, their governments have inked a fresh financial cooperation deal. This step marks yet another milestone in a relationship that has notably blossomed over the past ten years. The accord was formalized on Monday by Somalia’s Defense Minister Abdulkadir Nur and his Turkish…

Mogadishu (AX) — In a significant move towards bolstering Somalia's defense potential, Somali Defense Minister Abdulkadir Mohamed Nur shook hands on a financial defense pact with Turkey's Defense Minister, Yaşar Güler.The ceremonious event held in Turkey on Monday saw representatives from both Mogadishu and Ankara converge, underscoring the agreement's potential to both enhance Somalia’s defense infrastructure and elevate the two nations’ partnership.According to reports from Somali state-owned outlets, this fresh accord…

In a surprising turn of events, Somalia’s football organization has decided to bow out of the African Nations Championship (CHAN) 2025 qualifiers, citing financial woes as the chief reason. Somalia Football Federation (SFF) General Secretary Yusuf Ahmed shared this development, highlighting the persistent obstacles facing Somali football. “Financial constraints led us to this decision,” Ahmed divulged to Cecafaonline.com, noting the inability of the federation to rally the necessary funds for a national squad ahead of the…