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Islamic Banking: 20 Bold Innovative Startups Compete for ₦5m in AICIF Pitch Challenge

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Islamic Banking: 20 Bold Innovative Startups Compete for ₦5m in AICIF Pitch Challenge

By: Michael Mike

The 2025 African International Conference on Islamic Finance (AICIF) Pitch Competition has highlighted 20 innovative startups competing for ₦5 million in grants, as Africa accelerates its efforts to nurture ethical, impact-driven enterprises.

Held in Abuja at the weekend as a precursor to the 7th AICIF scheduled for November, the competition drew over 200 applications from across the continent before narrowing down to 20 finalists—10 focused on tech innovations and 10 on social impact.

Speaking at the event, Hajia Ummahani Ahmad Amin, Convener of AICIF Nigeria and Managing Partner at Metropolitan Law Firm, described the initiative as more than just a contest.

She said: “Today, we celebrate creativity, resilience, and the power of ideas. These young entrepreneurs are not just pitching businesses; they are presenting Africa’s future. Their solutions can create jobs, reshape industries, and drive social impact.”

The startups—ranging from halal-tech platforms to ethical investment solutions—were assessed by a panel of judges on innovation, scalability, and alignment with Islamic finance principles.

Director at the Securities and Exchange Commission (SEC), Mr Abdulkadir Abbas, praised the quality of entries, noting:

“The passion, commitment, and innovation displayed are remarkable. It will be a tough task for the judges to choose winners. What we are witnessing here is the essence of ethical entrepreneurship.”

Abbas added that the SEC has already created frameworks for small businesses to access funding through crowdfunding and other Sharia-compliant instruments, underscoring the regulator’s commitment to the non-interest finance sector.

Managing Director of Metropolitan Skills Ltd, Ms Yinlaifa Edolo, on her part, said the competition provides breathing space for startups to scale responsibly.

She explained that: “This grant is not about loans or debts. It is about giving entrepreneurs room to innovate, grow, and build businesses grounded in fairness and social responsibility.”

Associate Director at First Trustees, Mr Abimbola Ajinibi, emphasised the importance of focusing on SMEs:

“Small businesses are Africa’s economic backbone, but often lack access to affordable capital. By leveraging halal finance instruments like Waqf, Sukuk, and ethical crowdfunding, we can help them expand without exploitative interest rates.”

One finalist, reflecting on the opportunity, called the experience “life-changing”:

“Access to funding is the biggest barrier for startups like ours. This competition doesn’t just provide money—it gives us visibility, mentorship, and credibility.”

Since its inception in 2018, AICIF has grown into Africa’s leading Islamic finance platform, uniting policymakers, regulators, academics, and entrepreneurs. The pitch competition, now in its 7th edition, reinforces its mission of mainstreaming ethical finance while fueling innovation that serves communities.

As judges deliberate and finalists await the announcement of winners, the atmosphere is charged with hope that some of Africa’s boldest innovators will soon transform their ideas into enterprises capable of reshaping the continent’s economic and social future.

Islamic Banking: 20 Bold Innovative Startups Compete for ₦5m in AICIF Pitch Challenge

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Zulum Delivers Relief, Cash Support to 434 Ngoshe Residents Rescued from Boko Haram

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Zulum Delivers Relief, Cash Support to 434 Ngoshe Residents Rescued from Boko Haram

By: Our Reporter

Borno State Government has distributed relief materials to 434 indigenes of Ngoshe community in Gwoza Local Government Area who were recently rescued by security agencies after spending three months in Boko Haram captivity.

Governor Babagana Umara Zulum visited the victims in Pulka on Monday and directed the immediate distribution of food and non-food items to support their recovery and reintegration.

In compliance with the Governor’s directive, the Director General of the Borno State Emergency Management Agency (SEMA), Alhaji Ali Abdullahi Isa, promptly supervised the distribution exercise.

Each rescued person received a bag of rice, a bag of maize grits, a mattress, a wrapper, and a shadda, while children received two pairs of clothing.

In addition, 208 heads of households received N50,000 each, fulfilling Governor Zulum’s earlier pledge of financial assistance.

Speaking during the distribution, the SEMA Director General said the intervention was part of the government’s immediate response to ease the hardship faced by the rescued victims.

“I am here at the instance of His Excellency, Governor Babagana Umara Zulum, who was here some few days ago, and to deliver the items he directed that it should be given to you as emergency relief,” Ali stated.

The rescued individuals are currently receiving medical care and psychosocial support at a government facility. Upon completion of the rehabilitation process, they will be reintegrated into their respective communities.

The exercise was carried out alongside the Chairman of Gwoza local government, representatives of the Ngoshe community, and other officials.

Zulum Delivers Relief, Cash Support to 434 Ngoshe Residents Rescued from Boko Haram

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Democracy Day: Zulum gives 2 MRAPs, other logistics to Army, celebrates with IDPs

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Democracy Day: Zulum gives 2 MRAPs, other logistics to Army, celebrates with IDPs

By: Michael Mike

Borno State Governor, Babagana Umara Zulum, marked Democracy Day with the handover of two Mine-Resistant Ambush Protected (MRAP) vehicles and critical logistics to the Nigerian Army, after joining internally displaced persons (IDPs) for a symbolic celebration and distribution of food items to 2,500 beneficiaries.

The armoured MRAPs delivered to the Theatre Command of Operation Hadin Kai on Friday are intended to enhance troop protection against improvised explosive devices (IEDs) and ambushes which remain a persistent threat in the fight against insurgents. Additional logistics include operational Hilux vehicles and motorcycles for frontline soldiers in difficult terrains.

Zulum also marked Nigeria’s Democracy Day celebration with Internally Displaced Persons (IDPs) at the Madinatu camp where he distributed food supplies, non-food items, and cash gifts to thousands of beneficiaries.

The distribution, held at the Madinatu IDP camp, served to consolidate Zulum’s resettlement gains. Over the past seven years, Borno State Government has successfully resettled more than 2 million IDPs in their ancestral communities in a dignified and voluntary manner.

“It gladdens my heart today, the 12th of June, 2026, to celebrate June 12th, Democracy Day, here in Madinatu Camp, the only formal camp that is standing inside Maiduguri Metropolitan Council, today, to the glory of God and the benefit of mankind, for the distribution of food and non-food items. Inshallah, this camp will be closed this year. This will be our last distribution exercise in this camp, or the second to the last,” Zulum said.

However, Governor Zulum used the occasion to announce a timeline for the camp’s closure. The governor ordered that Madinatu camp be shut down within one month, vowing to similarly close most IDP camps across various Local Government Areas in the coming phase of his administration’s resettlement strategy.

“Democracy must translate into restoring the dignity of our people,” Zulum told the IDPs. “Living in camps is not a permanent solution. Our goal remains to return every displaced person to their ancestral homes with security and means of livelihood.”

In addition to the food items, Zulum approved N50,000 each for the 2,500 beneficiaries present at the event.

“Each of the 500 beneficiaries mentioned will receive a 25kg bag of rice and a 25kg bag of sorghum. Women will receive wrappers. I also promise to provide 50,000 naira to each beneficiary. This amount can be credited into their own individual accounts, inshallah,” Zulum said.

The exercise was attended by the APC’s State Deputy Chairman, Garba Mulima, APC State Vice Chairman (Central) Abdur Rahman Abdulkarim, Acting Chief of Staff, Dr Babagana Mallumbe, Member representing Jere at the State Assembly, Abba Kyari Kolo, commissioners and commissioner designates and several other senior government officials.

Democracy Day: Zulum gives 2 MRAPs, other logistics to Army, celebrates with IDPs

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Gov. Yusuf Commends DSS Over Arrest of Suspected Gun Courier in Kano

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Gov. Yusuf Commends DSS Over Arrest of Suspected Gun Courier in Kano

By: Michael Mike

Kano State Governor, Abba Kabir Yusuf, has commended the Department of State Services (DSS) for the arrest of a suspected gun courier intercepted while allegedly transporting weapons believed to be destined for criminal elements in Katsina State.

The commendation was contained in a statement issued by the Governor’s spokesperson, Sunusi Bature Dawakin Tofa, on Thursday, June 12, 2026.

Governor Yusuf described the operation as a major breakthrough in the ongoing fight against banditry, terrorism and other violent crimes threatening communities across Northern Nigeria.

According to information provided by the DSS, the suspect, identified as Muhammad Abubakar, 30, was apprehended in Gezawa Local Government Area of Kano State while allegedly transporting four rocket-propelled grenade (RPG) tubes, three AK-47 rifles and two empty magazines to Funtua in Katsina State.

Preliminary investigations reportedly revealed that the suspect collected the weapons from an individual identified as Bello in the Maigatari border area of Jigawa State and was expected to receive N450,000 upon successful delivery of the arms.

Governor Yusuf praised the professionalism, vigilance and intelligence-driven approach of DSS operatives, noting that the timely interception prevented the weapons from falling into the hands of bandits and other criminal groups.

He said the operation underscored the critical role of intelligence gathering and effective collaboration among security agencies in tackling emerging security threats across the country.

The governor reaffirmed the commitment of the Kano State Government to supporting security agencies through sustained cooperation, logistics assistance and policies aimed at strengthening public safety throughout the state.

He also urged residents to remain vigilant and continue providing credible information to security agencies to aid efforts to combat crime and maintain peace.

Governor Yusuf expressed confidence that ongoing investigations would lead to the arrest and prosecution of all individuals connected to the alleged arms trafficking network.

The statement was signed by Sunusi Bature Dawakin Tofa, Director General, Media and Publicity, Government House, Kano.

Gov. Yusuf Commends DSS Over Arrest of Suspected Gun Courier in Kano

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