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Islamic Banking: 20 Bold Innovative Startups Compete for ₦5m in AICIF Pitch Challenge
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
Remi Tinubu commissions nursing quarters, two mega schools in Borno
By: Michael Mike
The First Lady of Nigeria, Senator Oluremi Tinubu, on Monday commissioned newly completed nursing quarters and two mega primary schools in Maiduguri, the Borno State capital, as part of ongoing efforts to strengthen healthcare delivery and expand access to quality education in the state.
The projects were executed under Governor Babagana Zulum’s administration, which has continued to prioritize infrastructure development in the health and education sectors.
The newly inaugurated nursing quarters, located beside the State Specialist Hospital, consist of eight blocks of six flats each. The housing units are fully furnished and fitted with air-conditioning systems to improve living conditions for medical personnel.
In the education sector, Senator Tinubu also commissioned Aliyakeri and Abbaganaram Mega Primary Schools. Each facility features 48 classrooms designed to accommodate thousands of pupils, alongside ICT centres, modern sports facilities, e-learning platforms, and solar-powered systems to ensure uninterrupted academic activities.
Speaking at the ceremony, the First Lady commended Governor Zulum’s leadership style, describing the projects as people-focused and impactful.
“What we have seen so far in Borno is quite encouraging. You have done very well, and I am truly honoured to be part of this commissioning,” she said.
Governor Zulum’s administration has reportedly completed 104 mega schools across the state, with additional projects ongoing across Borno’s 27 local government areas.
During the event, Senator Tinubu also flagged off a N200 million empowerment programme targeting 2,000 vulnerable women. Each beneficiary is expected to receive N100,000 alongside a sewing machine to support small-scale businesses and improve household income.
The First Lady praised the initiative, noting that it aligns with national efforts to strengthen community-based economic empowerment and food security programmes.
Under the distribution plan, 400 women were selected from Maiduguri metropolis, 200 from Jere Local Government Area, 100 from Biu, while 50 beneficiaries were drawn from each of the remaining 24 local government areas.
In addition, eight outstanding education workers, including teachers, head teachers, principals, TVET coordinators, and ministry staff, were presented with brand-new utility vehicles in recognition of their service.
In a related gesture, Governor Zulum also presented a house to a ministry watchman, Baba Modu Fandi, in appreciation of his dedication, while Senator Tinubu further supported him with an additional ₦2 million financial assistance.
Remi Tinubu commissions nursing quarters, two mega schools in Borno
Two Men Sustain Severe Injuries in Mutual Attack Over Mining Site Dispute in Niger State
By: Zagazola Makama
Two men are receiving treatment at a hospital in Niger State after sustaining serious injuries in a violent altercation reportedly linked to a dispute at an illegal mining site.
Security sources told Zagazola that the incident occurred in a Fulani settlement near Iwa village in Gurara Local Government Area.
The sources said the matter was reported to the police on April 25 at about 1:30 p.m. after the victims were brought in by the Officer-in-Charge of Iwa Outstation.
According to the sources, the confrontation began on April 24 at about 9:00 a.m. when Jibril Yusuf, 22, allegedly went to the hut of Haruna Tukur, 35, and set him ablaze after a misunderstanding at an illegal mining site.
The sources further stated that Haruna Tukur, in retaliation, attacked Jibril Yusuf with a machete, severing his fingers during the violent exchange.
Both men were rushed to the General Hospital in Gawu Babangida, where they are currently responding to treatment.
Security operatives said investigations have commenced to determine the full circumstances surrounding the incident, while the case remains under active review.
Two Men Sustain Severe Injuries in Mutual Attack Over Mining Site Dispute in Niger State
Windstorm Damages NYSC Camp in Niger, Two Children Injured
By: Zagazola Makama
A heavy windstorm following a downpour has caused partial damage to structures at the National Youth Service Corps (NYSC) Orientation Camp in Paiko, Niger State, leaving two children injured.
Security sources told Zagazola that the incident occurred on April 25 at about 8:00 p.m. when strong winds brought down parts of the camp infrastructure during the rainfall.
The sources said police personnel were immediately mobilised to the scene to restore order and provide security, while some corps members were safely evacuated from affected areas.
According to the sources, no loss of life was recorded in the incident.
However, two girls identified as Fati Abdul, 12, and Adewumi Adesola, 11, sustained minor injuries during the incident. They were taken to a medical facility, treated and later discharged.
The sources added that normalcy has since been restored at the camp, while the area remains calm and under observation to ensure continued safety of occupants.
Windstorm Damages NYSC Camp in Niger, Two Children Injured
Remi Tinubu commissions nursing quarters, two mega schools in Borno
Two Men Sustain Severe Injuries in Mutual Attack Over Mining Site Dispute in Niger State
Windstorm Damages NYSC Camp in Niger, Two Children Injured
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