Connect with us

News

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

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Fagbemi Calls for Appellate Mechanism in ECOWAS Court

Published

on

Fagbemi Calls for Appellate Mechanism in ECOWAS Court

…Insists Absence of Appellate Court at Regional Level Undermines Access to Justice

By: Michael Mike

The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi has called for the establishment of an appellate mechanism within the ECOWAS Court of Justice, stating that the absence of such mechanism continued to undermine access to justice in the region.

Speaking at the opening ceremony of the 2025/2026 legal year of ECOWAS Court, Fagbemi said while the finality of judgments is crucial, fairness also demands that decisions be open to review in order to correct possible errors of law or procedure.

Fagbemi while noting that the absence of appellate court at the regional level is a letdown, said: “It is concerning that there is currently inadequate room for appeal against the judgments of the ECOWAS Court. While finality is important, justice must also be seen to be fair and revisable,” insisting that: “The absence of a separate appellate mechanism limits access to justice. As we expand the Court’s reach, we must also ensure that its decisions are subject to the same standards of review and accountability that underpin robust judicial systems.”

He urged the Court to draw lessons from other regional judicial institutions such as the European Court of Human Rights, the East African Court of Justice and the Inter-American Court of Human Rights, which, according to him, offer valuable models of transparency, judicial independence and procedural innovation.

He however restated Nigeria’s support for the ECOWAS Court as host country, describing it as central to regional integration, human rights enforcement and stability. “Nigeria remains steadfast in its support for the ECOWAS Court of Justice… I pledge to continue advocating for legal reforms that align domestic laws with regional obligations while respecting our constitutional order and national interests,” Fagbemi added.

Also speaking, the President of Cabo Verde, José Neves, said community justice remains vital for Africa’s credibility in global affairs. He stressed that strengthening institutions such as the ECOWAS Court was essential for peace, democracy and integration on the continent.

He said: “In a continent still marked by border disputes and recurring tensions, the existence of an independent and respected community tribunal is a civilisational triumph that we must preserve and enhance,” Neves said. He noted that access to the Court by individual citizens was one of the most significant gains of regional integration, as it brings justice closer to the people.

Neves also called for reforms within African sub-regional bodies to make them more effective in addressing contemporary challenges such as insecurity, institutional fragility, migration and climate change.

In his address, the President of the ECOWAS Court, Justice Ricardo Goncalves, disclosed that the Court handled 34 new cases in the past year, including matters relating to civil and political rights, economic freedoms, and disputes between member states.

He also revealed that the Court held 79 judicial sessions and issued 54 rulings, many of which reaffirmed key principles such as the justiciability of socio-economic rights and the supremacy of community law over conflicting national legislation. According to him, 112 cases are currently pending before the Court.

Fagbemi Calls for Appellate Mechanism in ECOWAS Court

Continue Reading

News

Trans-Border Security: Zulum travels to Niger Republic Community

Published

on

Trans-Border Security: Zulum travels to Niger Republic Community

By: Michael Mike

Borno State Governor, Prof. Babagana Zulum on Wednesday, undertook a working visit to Diffa Region of Niger Republic on Wednesday.

The visit, which included a high-level security and economic delegation, focused on strengthening the existing collaboration between Nigerian and Nigerien forces in the ongoing fight against insurgency, particularly around the shores of Lake Chad.

Diffa is a community 17 km from Damasak town in northern Borno where thousands of Nigerians displaced by Boko Haram insurgency are currently taking refuge.

Zulum was received by the Governor of Diffa, Brigadier General Mahamaduo Ibrahim Bagadoma, and other senior officials. The leaders held closed-door meetings centered on joint patrols, intelligence sharing, and sustaining the recent gains that have pushed insurgents out of many of their former strongholds.

Zulum outlined plan to leverage the improved security situation to facilitate the return of thousands of displaced farmers to the vast and fertile agricultural lands around Dutchi town within the Lake Chad basin.

Part of the Governor’s entourage are Engr Bukar Talba, a member of the House of Representatives, Speaker, Borno State House of Assembly, Abdulkarim Lawan, and otheir senior government officials.
[10/2, 6:35 PM] Mike Olugbode: Maiduguri: For Over a Month, MSF Responds to High Numbers of Children Suffering from Malnutrition.

Since late August and early September, Doctors Without Borders/Médecins Sans Frontières (MSF) teams have scaled up their medical response in Maiduguri, northeast Nigeria, following a sharp rise in malnutrition cases that overwhelmed MSF-supported facilities. Although admissions have slightly decreased now, the number of children receiving treatment remains very high.

“A month ago, we witnessed a worrying increase in admissions, compounded by a surge in measles cases,” said MSF Project Coordinator Daniela Batista. “Our isolation units for measles patients were quickly filled, and even the additional space we opened reached capacity. Now, those units remain around 70 percent full.”

Since 8 September, MSF’s Inpatient Therapeutic Feeding Centre (ITFC) at Nilefa Kiji Hospital (NKH) has nearly doubled its bed capacity to accommodate the influx of malnourished children. By the third week of September, the emergency facility was recording an average of more than 85 new admissions daily.
In a context of reduced global humanitarian funding, some organizations in Maiduguri reduced their support for – or even left – nutritional outpatient nutrition programmes, causing a significant drop in access for first line care fir malnourished children.
 
At MSF’s extension facility in Shuwari, teams treated 3,265 children for malnutrition and referred 1,521 others for continued care between August and early September, when the upsurge began. More than 625 malnourished children have also been treated for measles — a disease which can contribute to malnutrition and whose complications can result from malnutrition.
 
The situation is further exacerbated by shortages of essential supplies. Therapeutic milk — critical for treating severe acute malnutrition — is in short supply, while access to ready-to-use therapeutic food (RUTF) remains a chronic concern. Some partner ITFCs have indicated they can only accept referrals if MSF provides additional medical supplies such as antibiotics, admission kits, and therapeutic milk.
MSF teams also reported regular admissions of patients from Zabarmari — a community they are currently unable to access due to security and logistical challenges. MSF is engaging with the Borno State Ministry of Health to assess and potentially support the local Primary Health Centre (PHC) to ensure residents can access care.

Borno State continues to face the effects of a decade-long insurgency, with recent reports of violence in areas surrounding Maiduguri.

This surge in Maiduguri mirrors an alarming trend seen in all MSF nutrition facilities across Kebbi, Sokoto, Kano, Katsina, and Bauchi in recent months. According to UN estimates, 2.5 million children across northeast Nigeria are at risk of acute malnutrition.

MSF called on health authorities and humanitarian organizations to urgently address the shortages in medical supplies and staffing, and to strengthen community-level health systems to prevent further deterioration.

Trans-Border Security: Zulum travels to Niger Republic Community

Continue Reading

News

Tear gas canister explosion injures four siblings in Kano

Published

on

Tear gas canister explosion injures four siblings in Kano

By: Zagazola Makama

Four siblings have sustained injuries following the explosion of a tear gas canister at Bakin Kwata, Sharada area of Kano metropolis.

Zagazola report that the incident, which occurred at about 7:50 a.m. on Wednesday, was confirmed by the Kano State Police Command in a statement.

It said the explosion produced heavy smoke, burning sensation, and choking irritation, prompting the Bomb Disposal Unit to cordon off the area for safety and conduct post-blast investigation.

One of the victims, Khadeeja Rabiu, 17, sustained serious injuries on her right hand and other parts of her body, while her siblings Fatima, 15, Alamin, 11, and Suleiman, 3 sustained minor bruises. All were taken to Murtala Muhammed Hospital for treatment.

During investigation, police recovered the handle, safety lock pin and rotating guard of a tear gas canister, with strong peppery odour still perceived at the scene.

Findings revealed that the canister had been scavenged from a nearby refuse dump and brought home by one of the children, where it later exploded in the hand of Khadeeja.

Authorities said the garbage site was further screened for possible hazardous materials, and the community sensitised on the dangers of picking unknown objects from refuse dumps.

The post-blast investigation ended peacefully at about 12:15 p.m.

Tear gas canister explosion injures four siblings in Kano

Continue Reading

Trending

Verified by MonsterInsights