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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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VP Shettima Leads Tributes At Funeral Of CBN Deputy Governor’s Mother

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VP Shettima Leads Tributes At Funeral Of CBN Deputy Governor’s Mother

** Says Deaconess Usoro’s daughter, Ms Emen, embodies a mother’s dream fulfilled

By: Our Reporter

Vice President Kashim Shettima @officialSKSM has paid glowing tribute to the late Deaconess Eno Nnana Usoro, mother of Central Bank of Nigeria (CBN) Deputy Governor Ms. Emem Nnana Usoro, describing her as a woman whose life exemplified grace, faith, and service to humanity.

He noted that the late Deaconess’ enduring legacy is evident in the lives of her children, particularly her daughter, the CBN Deputy Governor, whom he described as a mother’s dream fulfilled.

Speaking on Saturday at the funeral reception of the deceased held at the Four Points by Sheraton Hotel in Ikot Ekpene, Akwa Ibom State, the Vice President said the late Deaconess Usoro’s life was a profound testimony of the power of prayer and the transformative influence of motherhood anchored in faith.

“The exemplary Ms. Emem Nnana Usoro is a daughter she couldn’t have been prouder of. She stands today as a symbol of a mother’s dream fulfilled—a story defined by sacrifice, prayer, and perseverance,” VP Shettima said.

The Vice President described Ms. Emem Usoro’s rise to the CBN Deputy Governor’s position as a testament to her mother’s refusal to settle for mediocrity and her belief in excellence anchored in faith.

“The height that Ms. Usoro has attained in public service, as a Deputy Governor of the Central Bank of Nigeria, tells the story of a mother who refused to settle for mediocrity, who believed that her child could compete with the best of the world’s minds and still remain anchored in faith,” he said.

VP Shettima emphasised that Deaconess Usoro was more than a mother to her family, serving as a pillar of her church, a mentor to women, and support for the less privileged.

He noted that she exemplified humility and compassion while raising her family to understand that excellence without empathy is emptiness.

“When we celebrate the Late Deaconess Eno Nnana Usoro’s achievements, what readily comes to us are the stations of those she left behind. When we celebrate them, we are in truth celebrating the woman who shaped their character—the mother who toiled in silence, whose sacrifices were the scaffolds upon which their destiny was built,” the Vice President noted.

He added, “Those who live in the service of others never truly die. They are resurrected in every act of goodness that continues in their name.”

On behalf of President Bola Ahmed Tinubu @officialABAT and the Federal Government, VP Shettima extended condolences to the Usoro family, describing the deceased’s life as “a sermon, her kindness a ministry, her legacy an inheritance that will outlive her.”

The Vice President urged Nigerians to draw inspiration from the late matriarch’s example, noting that success in life stems from being nurtured by love, discipline, and prayer.

“Let us not say that Mama is gone. Let us say that she has returned home to rest from her labours,” VP Shettima said, while praying for divine strength for the bereaved family.

Earlier, the Executive Governor of Akwa Ibom State @aksgovt, Pastor Umo Eno @_PastorUmoEno, paid glowing tribute to the deceased and expressed deep sympathy to the bereaved family, praying for the repose of the soul of late Mama Eno Nnana Usoro.

“When we came to the world, a few of us came very quietly, but when you leave and the ovation is high, it shows the lives you have touched. So, I know that you must be happy that God has helped you give your mother this honour. You have brought Nigerians, standing to send her home in glowing bliss.”

The Governor thanked God for her life and, on behalf of the Government and people of Akwa Ibom State, welcomed all guests, and commended Vice President Shettima for honouring the invitation to visit Akwa Ibom State, saying “it shows the love he has for the Akwa Ibom people and for the family.”

The President of the Senate @SPNigeria, Senator Godswill Akpabio, said the deceased lived a life worthy of emulation, noting that “today heaven is happy to receive an angel in the late Eno Nnana Usoro.”

“My dear sister, the Deputy Governor of CBN, Emem Usoro, let me thank you for doing Akwa Ibom proud, let me thank you for the resounding applause and ovation with which you have sent your beloved mother to heaven,” Senator Akpabio said.

“I thank you and your brothers and sisters for this wonderful tribute. I thank God Almighty for your life and the lives of your family and, like I said in the Church, may the peace of the Lord which surpasses all understanding, console you and take care of you now and forever.”

The Senate President, who appreciated the Vice President for his presence at the event, noted that the people of Akwa Ibom State hold the Vice President in high esteem.

Other dignitaries at the event included the Chief of Staff to the President, Femi Gbajabiamila; Deputy Governor of Akwa Ibom State, Senator Akon Eyakenyi; Rep. Abdulmumini Ari; members of the Akwa Ibom State Executive Council; captains of industry; staff members of the Central Bank of Nigeria; members of the State and National Assemblies; chief executives of banks; and other top government functionaries.

VP Shettima Leads Tributes At Funeral Of CBN Deputy Governor’s Mother

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Troops repel ISWAP attack on Gamboru Ngala

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Troops repel ISWAP attack on Gamboru Ngala

By: Zagazola Makama

Troops of Operation Hadin Kai have successfully repelled an attempted infiltration by fighters of the Islamic State of West African Province (ISWAP) in Gamboru Ngala, a border town in northern Borno State.

Zagazola Makama learnt that the insurgents launched the attack on Saturday evening at about 6:15 p.m., attempting to infiltrate through the Flatari axis of Gamboru.

The sources said the troops swiftly responded with superior firepower, forcing the terrorists to retreat after a brief exchange of gunfire.

“No adverse report was recorded during the encounter. The troops are currently on exploitation to track fleeing elements,” one of the sources said.

The situation in Gamboru Ngala has since returned to normal as residents commended the vigilance and prompt response of the military.

Gamboru Ngala, which shares a border with Cameroon, has been one of the strategic towns targeted by insurgents due to its proximity to transnational routes used for smuggling and movement of fighters.

The latest attack comes amid sustained military operations across the North-East aimed at dismantling remnants of Boko Haram and ISWAP terrorists still operating in isolated enclaves.

Troops repel ISWAP attack on Gamboru Ngala

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Gombe commissioner, orderly, driver die in auto crash after attending DDR consultation in Maiduguri

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Gombe commissioner, orderly, driver die in auto crash after attending DDR consultation in Maiduguri

By: Zagazola Makama

The Gombe State Commissioner for Internal Security and Home Affairs, Col. Abdullahi Bello (rtd.), his orderly, Cpl. Adam Hussaini Gamawa, and his driver, have died in a fatal auto crash along the Malam Sidi–Gombe Road.

The tragic incident occurred on Friday, shortly after the trio departed Maiduguri, Borno State, where they had participated in the North-East Regional Consultation on the development of a national Disarmament, Demobilization and Reintegration (DDR) framework.

Col. Bello and his team were said to have left Maiduguri cheerfully after the closing ceremony of the three-day consultation, which brought together delegates from Adamawa, Borno, Yobe, Bauchi, Gombe, and Taraba States.

According to sources , who was among the panelists at the consultation, Col. Bello actively participated in the session, contributing valuable insights on Gombe State’s role in hosting the Operation Safe Corridor facility.

“Col. Bello introduced himself as the third Commissioner since the ministry’s establishment in 2019. He spoke passionately about consolidating the foundation laid by his predecessors and reaffirmed his state’s commitment to the DDR process,” the sources recounted.

He described the late commissioner as a vibrant participant who engaged meaningfully during discussions and later shared perspectives on the unique security dynamics of different states.

“Our last conversation centered on the importance of integrating Disarmament and Demobilization into any dialogue with armed groups. I emphasized that without those key components, such dialogues amount to mere temporary ceasefires,” sources said.

Sources said the consultation ended successfully on Friday, with delegates departing for their respective states. He added that news of the accident broke later that evening, sending shockwaves through the participants and officials of the National Counter-Terrorism Centre (NCTC) and Office of the National Security Adviser (ONSA).

“Col. Bello and his orderly lost their lives instantly, while the driver, who was critically injured, passed away on Saturday morning. It was heartbreaking these were people we had just interacted with, full of life and dedication,” sources said.

He expressed condolences to the families of the deceased, Governor Inuwa Yahaya, and the people of Gombe State, describing the tragedy as “a painful reminder of the fleeting nature of life.”

“May their souls rest in peace. Indeed, life is transient, and we are all living on borrowed time as mortals,” he added.

Gombe commissioner, orderly, driver die in auto crash after attending DDR consultation in Maiduguri

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