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AICIF: The Metropolitan, FG Harp on Islamic Finance for Inclusive, Sustainable Development
AICIF: The Metropolitan, FG Harp on Islamic Finance for Inclusive, Sustainable Development
•Ummahani, Sanusi, and Katuka call for maximising non-interest finance potentials
By: Michael Mike
Vice President Kashim Shettima and other economic Stakeholders have called on African nations to deepen the adoption of Islamic finance as a tool for inclusive and sustainable economic transformation across the continent.
Represented by Dr Tope Fasua, Special Adviser to the President on Economic Matters, Shettima made the call while addressing delegates at the 7th African International Conference on Islamic Finance (AICIF) held in Lagos on Tuesday. The Conference was organised by the Metropolitan Law and Metropolitan Skills Ltd in collaboration with the Securities and Exchange Commission of Nigeria (SEC).
Speaking on the theme “Africa Emerging: A Prosperous and Inclusive Outlook,” the Vice President said Africa’s demographic advantage must translate into equitable prosperity, stressing that the continent’s progress will be measured not only by growth but by inclusion. He highlighted Nigeria’s recent economic reforms under President Bola Tinubu’s Renewed Hope Agenda as key drivers of stability and investor confidence.

According to Shettima, Nigeria has unified its exchange rate, rationalised subsidies, modernised tax and customs systems, and opened new gateways for trade and investment reforms, which have lifted reserves above $40 billion and earned favourable ratings from Fitch and Moody’s.
“These outcomes reaffirm Nigeria’s position as an anchor of the AfCFTA’s $3.4 3.4trn market and a driver of Africa’s growth,” he said.
The Vice President emphasised that Islamic finance provides a credible framework for promoting shared prosperity, rooted in ethics, fairness, and social responsibility.
He said Nigeria’s experience demonstrates the transformative potential of Islamic finance instruments such as sukuk, takaful, murabaha, and waqf, which have financed critical infrastructure and expanded access to inclusive financial services.
“Our sukuk issuances, now in their seventh cycle, have funded more than 120 major road projects covering nearly 6,000 kilometres,” Shettima noted. “Each bond represents a covenant between government and citizens, proof that finance can build rather than burden.”
Shettima added that takaful insurance is extending protection to millions of previously excluded households, while waqf endowments are being explored to support schools, hospitals, and small businesses.

“Islamic finance aligns with our conviction that enterprise must serve humanity and wealth must circulate to uplift communities,” he said.
Across Africa, Shettima observed, countries like Egypt, Senegal, Kenya, and South Africa are developing regulatory frameworks for Islamic banking, green sukuk, and socially responsible investments.
By 2030, the share of Islamic finance in Africa’s capital markets is projected to expand significantly, he said, urging policymakers to sustain reforms that strengthen transparency, governance, and investor protection.
He also underscored the need to mobilise Africa’s vast domestic capital, including pension funds, sovereign wealth funds, and insurance pools, through innovative instruments such as green sukuk and diaspora bonds.
“Africa’s future must be financed from within, guided by principles of justice, inclusion, and sustainability,” Shettima asserted.
Shettima concluded by urging participants to “build an Africa where enterprise and empathy coexist, where finance is not a privilege for the few but a promise to the many, and where every child, from Lagos to Lusaka, finds a stake in the continent’s future.”
Earlier, Conference Chairperson Ms Ummahani Ahmad Amin said that AICIF was conceived as a platform for collaboration and knowledge sharing to advance Islamic finance as a viable alternative source of funding for Africa’s socio-economic needs.
She noted that while Islamic finance assets globally reached $3.88 trillion in 2024, Africa still lags behind in harnessing its full potential to close the continent’s annual infrastructure financing gap of up to $170 billion.
She emphasised that challenges such as limited liquidity, weak market infrastructure, and inadequate investor education must be addressed for Islamic finance to reach its potential.
“Artificial intelligence is also reshaping finance across the continent, from automating compliance to personalising ethical investment, and we must ensure ethical guardrails guide its use,” she said.
The conference, co-hosted by the Securities and Exchange Commission (SEC), brought together regulators, scholars, development partners, and investors from across the African continent.
In his opening remarks, SEC Chairman Mr Mairiga Katuka said Nigeria’s non-interest capital market had grown rapidly under the Capital Market Masterplan (2015–2025), with sovereign sukuk raising over ₦ 1.4 trillion and funding 124 critical road projects nationwide.
Katuka noted that Nigeria now has 19 registered halal mutual funds managing over ₦112 bn in assets, up from one fund in 2008, and pledged the SEC’s commitment to evolving regulatory frameworks for innovations such as innovative sukuk, tokenisation, and blockchain-enabled
transparency.
The two-day conference also featured a startup pitch competition supporting innovations in technology and social impact, as well as an awards ceremony honouring individuals and institutions contributing to the growth of Islamic finance across Africa.
In his remarks, the Emir of Kano, a former Governor of the Central Bank of Nigeria (CBN), Alhaji Sanusi Lamido Sanusi, urged Islamic finance institutions across Africa to focus more on supporting small and medium-sized enterprises (SMEs) in underserved communities as a pathway to achieving shared prosperity and sustainable development.
Sanusi emphasised that Islamic finance can only make a meaningful impact when it directly addresses the financial exclusion faced by small businesses and vulnerable groups.
“I would be happier to see Islamic banks that are big, but more importantly, ambitious enough to grow a market that delivers real value to people and helps reduce poverty,” Sanusi stated. “We need to begin now to see how we can use finance to create opportunities for the small people.”
The Emir emphasised the need for Islamic financial institutions to move beyond conventional models by extending their services to the grassroots, where the majority of Africa’s unbanked population resides. He called for bold strategies that bridge cultural and social barriers that have historically hindered access to finance, particularly for women.
“Go to the grassroots, dare to build and connect with the cultural conceptions and attitudes that have denied women. The empowerment of women is what will contribute to prosperity in Africa,” he added.
Sanusi reiterated that inclusive finance remains central to Africa’s economic transformation, urging Islamic finance stakeholders to leverage their principles of equity, risk-sharing, and social responsibility to foster a more just and prosperous continent.
AICIF: The Metropolitan, FG Harp on Islamic Finance for Inclusive, Sustainable Development
News
NEMA Provides Relief to Banditry Victims in Kebbi as Communities Struggle to Recover
NEMA Provides Relief to Banditry Victims in Kebbi as Communities Struggle to Recover
By: Michael Mike
The National Emergency Management Agency (NEMA) has commenced the distribution of emergency relief materials to victims of recent banditry attacks in Kebbi State, offering support to families displaced by a wave of violence that has unsettled parts of the state.
The Director-General of NEMA, Zubaida Umar, flagged off the exercise in Birnin Kebbi, targeting affected residents in Shanga, Yauri and Bunza Local Government Areas. She said the intervention followed a detailed assessment of the affected communities to identify their most pressing needs.

Over the past weeks, suspected bandits reportedly launched coordinated attacks on several villages across the three local government areas. Residents were forced to flee as homes were burnt, food stores destroyed and livelihoods disrupted. Local authorities confirmed casualties and displacement, with many families seeking refuge in neighbouring communities and temporary shelters.
The attacks form part of a broader security challenge confronting parts of northwestern Nigeria, where armed groups have carried out raids on rural settlements, targeting civilians and farmlands. In Kebbi, the violence has compounded existing socio-economic pressures, particularly for farming communities that depend on seasonal harvests for survival.

Speaking at the flag-off ceremony, Umar conveyed the Federal Government’s sympathy to the affected families and the Kebbi State Government. She noted that the relief materials—including food items, bedding and other essential supplies—were provided to cushion the immediate hardship faced by victims.
According to her, the response aligns with the Renewed Hope Agenda of President Bola Ahmed Tinubu, which prioritises prompt humanitarian assistance and citizen welfare. She reaffirmed the government’s commitment to supporting vulnerable populations impacted by insecurity and other disasters.
Representing the Emir of Gwandu, the Wazirin Gwandu, Alhaji Abubakar Umar, commended the Federal Government and NEMA for what he described as a timely and compassionate intervention. He urged beneficiaries to make judicious use of the items while praying for lasting peace in the affected communities.
Also speaking, the Wife of the Kebbi State Governor, Hajiya Zainab Nasare Nasir, said the support would help restore hope to displaced families and ease the burden on host communities.
The distribution exercise is part of ongoing efforts by NEMA to mitigate the humanitarian consequences of insecurity and strengthen support systems for crisis-affected populations across the country.
NEMA Provides Relief to Banditry Victims in Kebbi as Communities Struggle to Recover
News
Zulum Unveils Infrastructure Push as World Bank Reaffirms Development Support for Borno
Zulum Unveils Infrastructure Push as World Bank Reaffirms Development Support for Borno
By: Michael Mike
Borno State Governor, Prof. Babagana Zulum has reiterated his administration’s commitment to post-conflict reconstruction and sustainable development following the commissioning of multiple infrastructure and education projects across the state, amid growing international development partnerships.
The projects were formally inaugurated by the Nigeria Country Director of the World Bank, Dr. Mathew Verghis, who described the investments as critical milestones in strengthening human capital development and economic resilience in regions recovering from insurgency.

Verghis praised the Borno State Government for prioritising education and infrastructure as pillars of recovery, noting that long-term stability in conflict-affected regions depends largely on access to quality education, functional infrastructure, and inclusive economic opportunities.
The newly inaugurated facilities include three modern mega schools designed to expand access to quality learning for children in vulnerable communities, as well as major road infrastructure projects aimed at easing movement within Maiduguri metropolis.

The educational facilities include the Government Secondary School Mainusari, the Mega Primary School Maimusari, and the Command Secondary School Maiduguri, all equipped with modern classrooms, learning materials, and student support facilities.
The infrastructure component of the project covers the West End flyover bridge and three major dual carriageway roads spanning Sultan Mainalari, Bursari, and Shehu Sanda Kura corridors. State officials say the roads will improve traffic flow, boost commerce, and enhance security surveillance within the city.
Speaking at the commissioning ceremony, Zulum said his administration is deliberately investing in education as a strategic tool for social transformation. He explained that decades of insurgency had severely damaged school infrastructure and disrupted learning for millions of children.
He disclosed that more than 5,000 classrooms were destroyed during the conflict, displacing thousands of students. To address the challenge, the state government has embarked on massive reconstruction efforts, building new schools while rehabilitating damaged facilities across rural and urban communities.
The governor also highlighted several social intervention programmes aimed at supporting students’ retention in school. These include the distribution of millions of exercise books and textbooks, provision of school uniforms and learning bags, and the expansion of school feeding programmes targeting thousands of pupils annually.

Zulum further stated that vocational and technical education has been prioritised to address youth unemployment. According to him, the state has established multiple vocational training institutes and entrepreneurship schools for women and youth, designed to promote skills acquisition and small business development.
Community leaders, education stakeholders, and development partners attending the event described the projects as a confidence-building step for displaced communities gradually returning to normal life after years of instability.
Observers say the growing partnership between Borno State and international development organisations signals stronger support for recovery, governance reforms, and sustainable growth in the North-East region.
Zulum Unveils Infrastructure Push as World Bank Reaffirms Development Support for Borno
News
NESREA Seals Abuja Quarry After Death of 10-Year-Old
NESREA Seals Abuja Quarry After Death of 10-Year-Old
The National Environmental Standards and Regulations Enforcement Agency (NESREA) has shut down Dai Jin Jia Quarry located in ACO Village along Airport Road, Abuja, following the tragic death of a 10-year-old boy during a blasting operation.
The incident, which occurred on Friday, February 27, 2026, prompted immediate intervention by the agency after it received reports of the fatality linked to activities at the quarry site.
Addressing journalists, the Director of Environmental Quality Control, Mr. Elijah Udofia, who spoke on behalf of the Director-General, Prof. Innocent Barikor, described the development as deeply troubling. He revealed that the facility had previously been sealed by NESREA last year for regulatory breaches but allegedly continued operations in defiance of enforcement directives.
According to him, the agency’s preliminary investigation—conducted alongside officers from the ACO Division of the Nigeria Police—uncovered serious regulatory violations. He stated that the quarry failed to present a documented Blasting Operation Plan and could not provide records of its Charge Load Density (CLD), which details the quantity of explosives used during blasting. These lapses, he noted, constitute violations of Regulation 23 of the National Environmental (Quarrying and Blasting Operations) Regulations, 2013.
Udofia further disclosed that the facility’s warning alarm system, which is required to alert surrounding residents before blasting activities, was found to be faulty at the time of inspection. He emphasized that the absence of such a critical safety measure may have contributed to the tragic outcome.
“It is distressing that despite prior warnings and enforcement actions, the company continued operations in ways that endanger lives and contravene national environmental laws,” he said, adding that the quarry has now been sealed again pending the outcome of a full investigation.
NESREA assured the public that all responsible parties would be held accountable in accordance with the law. The agency also reiterated its commitment to safeguarding host communities and ensuring strict compliance with environmental standards across the country.
The enforcement body called on operators within the quarrying sector and other industries to strictly adhere to national environmental regulations, warning that negligence and non-compliance will attract decisive sanctions.
The agency stressed that protecting lives, communities, and the
NESREA Seals Abuja Quarry After Death of 10-Year-Old
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