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AICIF 2025: Metropolitan, SEC to Expand Islamic Financing Ecosystem in Nigeria

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AICIF 2025: Metropolitan, SEC to Expand Islamic Financing Ecosystem in Nigeria

By: Michael Mike

The Securities and Exchange Commission (SEC) Nigeria has pledged to deepen the country’s non-interest finance market in partnership with Metropolitan Skills Limited and Metropolitan Law Firm. As Africa’s leading Islamic finance platform, the African International Conference on Islamic Finance (AICIF) convened its 2025 Pitch Competition in Abuja on Saturday.

The event, held in Abuja, was part of the pre-conference activities leading up to the 7th AICIF, scheduled for November. It brought together innovators, regulators, investors, and entrepreneurs under the theme: “Africa Emerging: A Prosperous and Inclusive Outlook.”

Delivering her opening remarks, Ummahani Ahmad Amin, Conference Chair and Chairman, Board of Directors of Metropolitan Skills Limited, said the collaboration with SEC was a “historic step” for positioning Nigeria at the centre of Africa’s ethical finance revolution.

“Together, we are working to strengthen the foundation of Islamic finance across Africa, expanding its reach into the capital markets to create new opportunities for inclusive and sustainable growth,” she said.

“Islamic finance is not just an abstract set of ideals. Its principles of fairness, risk-sharing, and social responsibility are practical tools for building economies that serve people, not just profits.”

For the SEC, the collaboration signals its commitment to broadening Nigeria’s financial ecosystem. Abdulkadir Abbas, Director at the SEC, told PRNigeria that the regulator has already developed a robust framework for non-interest capital markets.

“As regulators of the capital market, we are keen on developing all segments, including non-interest finance. We have frameworks that cover fintechs, crowdfunding, and even Sharia-compliant tokenisation. This partnership allows us to create awareness, attract innovators, and build a resilient, ethical finance system in Nigeria,” Abbas said.

He further highlighted the SEC’s 10-year master plan for non-interest finance, which is set to expire this year, noting that the regulator had introduced innovative products such as Sukuk to support infrastructure financing.

Ms Yinlaifa Edolo, Managing Director of Metropolitan Skills Ltd., explained that hosting the pitch competition ahead of the leading conference reflects Metropolitan’s resolve to build an ecosystem where ethical finance drives real innovation.

“The N5 million grant is not just a prize. It serves as seed capital for transforming bold ideas into enterprises that can reshape entire industries. Our focus is to inspire startups, support small businesses, and show that halal and ethical finance can power inclusive growth in Africa,” she said.

Backing this view, Abimbola Ajinibi, Regional Manager, First Trustees, a longtime partner of Metropolitan, said the last decade has witnessed a remarkable transformation in Nigeria’s Islamic finance space.

“Ten years ago, there was little awareness about instruments like Waqf, Sukuk, or ethical crowdfunding. Today, we have federal and state Sukuk projects worth over a trillion naira financing roads, schools, and hospitals. We’ve moved from theory to real impact,” he said.

Industry experts believe that by incorporating Islamic finance principles into Africa’s economic development, countries like Nigeria can establish more resilient financial systems that address unemployment, poverty, and inequality while remaining competitive in global markets.

As preparations build up to the November AICIF conference, the Abuja pitch competition has set the stage for regulators, innovators, and investors to work together in driving Africa’s halal economy and advancing inclusive prosperity.

AICIF 2025: Metropolitan, SEC to Expand Islamic Financing Ecosystem in Nigeria

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Beyond the Frontline: Ashlee Momoh Foundation Restores Hope to Widows of Fallen Heroes

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Beyond the Frontline: Ashlee Momoh Foundation Restores Hope to Widows of Fallen Heroes

By Comrade Philip Ikodor

KADUNA – When a soldier falls in the line of duty, the echoes of the final salute eventually fade, but for the families left behind, a silent and grueling battle begins. While these brave men defended the nation’s sovereignty with courage, their widows are often left to navigate a minefield of poverty, trauma, and social isolation.

In a decisive move to address these challenges, the Ashlee Momoh Foundation (AMF) held a special outreach event at the Golden Orange Gate Hotel in Kaduna State on Thursday, May 21, 2026. The initiative sought to provide a lifeline to the families of departed heroes, framed not as charity, but as a profound national debt of gratitude.

The Chairperson and CEO of the Foundation, Princess Ashlee Momoh, emphasized that the AMF remains committed to ensuring no widow walks alone. She noted that the sacrifice of a soldier continues in the quiet hallways of homes where wives suddenly become sole providers.

“Many military widows face a daunting reality: sudden loss of income, housing insecurity, and a lack of access to specialized mental health support,” Princess Momoh stated. “Unless intentional interventions are made, these families remain trapped in a cycle of hardship that dishonors the legacy of the departed. Your story does not end in sorrow; it continues in purpose.”

Princess Momoh outlined the Foundation’s three strategic pillars designed to bridge the gap between loss and self-sufficiency:

Economic Independence: Providing small business grants, financial literacy, and vocational skills to restore dignity and autonomy.

Securing the Future: Offering scholarships and tuition assistance so that children do not pay for their fathers’ patriotism with their education. Emotional Fortitude: Establishing counseling and wellness groups to ensure widows are seen, heard, and sustained.

The Chairperson called for a “whole-of-society” approach, urging the government, private sector, and philanthropic organizations to join in collective action. While government intervention is pivotal, she noted that partnerships are essential to scaling the impact of these programs.

The event featured the distribution of empowerment gift items and the announcement of new scholarship awards. Prominent guests, partners and volunteers in attendance included Special Guests of Honor, Air Commodore Chris Dola (Rtd), PhD, and General Brown Yakubu (Rtd), CEO of Golden Orange Gate Hotel, both of whom delivered goodwill messages and also contributed immensely in support of the Foundation’s mission.

Beyond the Frontline: Ashlee Momoh Foundation Restores Hope to Widows of Fallen Heroes

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Mali Protests Saudi Media Reports, Accuses Journalists of Sowing Disinformation

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Mali Protests Saudi Media Reports, Accuses Journalists of Sowing Disinformation

By: Zagazola Makama

The Government of Mali has lodged a formal diplomatic protest with the Kingdom of Saudi Arabia over recent media reports concerning the security situation in northern Mali, particularly around the Kidal region.

The protest follows broadcasts by Saudi-based media outlets Al Arabiya and Al Hadath, which Bamako described as misleading and damaging to the image of the Malian Armed Forces (FAMa).

In a statement issued by the Ministry of Foreign Affairs on May 17, 2026, the Malian authorities accused journalist Ibrahim Moustapha, correspondent for the two networks, of entering the country “illegally” and operating in “flagrant violation of Mali’s sovereignty.”

The government further alleged that the journalist may have had links with armed groups operating in the region, an accusation the authorities extended to the content of the reports aired by the networks, which Bamako described as “false, unfounded and aimed at undermining national institutions.”

The reports in question reportedly focused on security developments in northern Mali, including the Kidal axis, an area where state authority has faced persistent challenges from armed groups.

The diplomatic note also warned that such reporting could strain relations between Mali and Saudi Arabia, a country Bamako described as a “long-standing friend and partner.”

The development comes amid ongoing debate over press freedom and media access in Mali, where international organisations have repeatedly raised concerns about restrictions on journalists and shrinking civic space under the transitional authorities.

Observers note that Mali has in recent years tightened oversight of media operations through regulatory bodies, including suspensions of outlets and prosecutions linked to alleged dissemination of false information.

Bamako’s action has renewed discussion on the role of journalists in conflict zones, with media rights advocates maintaining that independent reporting remains a core element of international humanitarian law, provided journalists do not take part in hostilities.

Tensions reportedly escalated further after Al Arabiya broadcast footage showing Malian soldiers allegedly held captive in the north, a development the government also condemned as an infringement on national sovereignty.

While the Malian authorities maintain that media coverage must respect territorial integrity and security sensitivities, press freedom advocates argue that conflict reporting does not necessarily require prior authorisation from parties to a conflict.

The situation has raised concerns over possible diplomatic friction between Bamako and Riyadh, although no official response has yet been issued by the Saudi authorities or the media organisations involved.

Any prolonged disagreement could carry broader diplomatic and economic implications for Mali, which continues to navigate complex security and international relations challenges in the Sahel region.

Mali Protests Saudi Media Reports, Accuses Journalists of Sowing Disinformation

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Chief Imam of Ogbomoso calls for stiff punishment for kidnappers, urges FG to enforce maximum penalties

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Chief Imam of Ogbomoso calls for stiff punishment for kidnappers, urges FG to enforce maximum penalties

By: Zagazola Makama

The Chief Imam of Ogbomoso has called on the Federal Government to adopt stricter measures against kidnappers and armed criminals involved in attacks on schools and abduction of children, urging that offenders be made to face the full weight of the law.

The religious leader made the call while reacting to recent cases of school attacks, killings of teachers, and abduction of pupils in parts of the country, describing such acts as grave crimes against humanity and unacceptable under any moral or legal standard.

He stressed that individuals who engage in kidnapping, killing of innocent civilians and terrorising communities should not be granted leniency, amnesty or reintegration, but should instead be prosecuted and subjected to the maximum penalties prescribed under Nigerian law.

The Chief Imam said religious teachings emphasise justice, protection of innocent lives and accountability for those who commit serious crimes, adding that insecurity affecting schools and rural communities must be confronted decisively by the state.

He called on security agencies and judicial authorities to ensure that arrested suspects are properly prosecuted in accordance with due process, while urging government to strengthen protective measures around vulnerable communities, especially schools and rural settlements.

According to him, sustained attacks on teachers, children and civilians undermine national stability and require a firm and coordinated response from both security and justice institutions.

The Imam further urged policymakers to prioritise the safety of citizens over considerations that may weaken deterrence, insisting that justice must be seen to be served in order to restore public confidence in the security system.

He, however, maintained that all actions must remain within the framework of the law, stressing that the rule of law remains central to any sustainable response to insecurity.

Chief Imam of Ogbomoso calls for stiff punishment for kidnappers, urges FG to enforce maximum penalties

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