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AICIF 2025: Metropolitan, SEC to Expand Islamic Financing Ecosystem in Nigeria
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
News
Troops Foil ISWAP/JAS Attack on Military Position in Borno, Recover UXOs
Troops Foil ISWAP/JAS Attack on Military Position in Borno, Recover UXOs
By: Zagazola Makama
Troops of 3 Battalion (Mechanised)/24 Task Force Brigade have successfully repelled an attack by suspected Islamic State West Africa Province (ISWAP) terrorists in Ngala Local Government Area of Borno State.
Security sources said the attack occurred at about 2:44 a.m. on June 12 when terrorists launched coordinated assaults on the troops’ location from Wurge, Manawaji and Kinuba.
According to the sources, the troops engaged the attackers with superior firepower, supported by reinforcements from battalion headquarters, as well as mortar and artillery fire support, forcing the insurgents to withdraw.
Following the encounter, the fleeing terrorists retreating and scampered into the bushes.
At about 5:45 a.m., troops and auxiliary forces conducted a follow-up exploitation along the withdrawal route towards Wurge, during which three RPG-7 high-explosive unexploded ordnances (UXOs) and two torchlights were recovered.
The sources further disclosed that a main battle tank developed technical faults during the aftermath of the engagement, while one soldier sustained injuries from fragments of an RPG blast.
The wounded personnel was evacuated to the 3 Battalion Regimental Aid Post (RAP) for medical treatment.
Military authorities said clearance and follow-up operations were ongoing in the area to consolidate gains and prevent further terrorist regrouping.
They reaffirmed commitment to sustaining aggressive counter-terrorism operations across the North-East theatre.
Troops Foil ISWAP/JAS Attack on Military Position in Borno, Recover UXOs
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Katsina Govt Confirms Death of Retired Major General Rabe in Bandits’ Captivity
Katsina Govt Confirms Death of Retired Major General Rabe in Bandits’ Captivity
By: Zagazola Makama
The Katsina State Government has announced the death of retired Major General Rabe Abubakar while in the captivity of bandits.
The government, in a statement issued on Friday by the Commissioner for Internal Security and Home Affairs, Dr Nasiru Mu’azu, described the development as tragic and a major loss to the state and the nation.
According to the statement, the retired senior military officer died from complications arising from diabetes and hypertension while in captivity.
The government said that despite sustained efforts by the state government and security agencies to secure his release, the situation ended in tragedy.
“The deceased retired general died a natural death from complications of diabetes and hypertension,” the statement said.
It noted that the late officer’s abduction and subsequent death represented not only a loss to his immediate family and Katsina State but also a monumental loss to the country.
Governor Dikko Umaru Radda expressed deep condolences to the family of the deceased, describing the incident as a dark moment and a reminder of the need for intensified efforts against criminal elements threatening peace and security.
The governor reaffirmed the state government’s commitment to working closely with the Federal Government and security agencies to ensure that those responsible for the abduction are brought to justice.
He also assured residents that the government remained resolute in its determination to eliminate banditry and safeguard lives and property across the state.
The government prayed for the repose of the soul of the late retired Major General and urged citizens to continue supporting security agencies in the fight against insecurity.
Katsina Govt Confirms Death of Retired Major General Rabe in Bandits’ Captivity
News
Zulum Delivers Relief, Cash Support to 434 Ngoshe Residents Rescued from Boko Haram
Zulum Delivers Relief, Cash Support to 434 Ngoshe Residents Rescued from Boko Haram
By: Our Reporter
Borno State Government has distributed relief materials to 434 indigenes of Ngoshe community in Gwoza Local Government Area who were recently rescued by security agencies after spending three months in Boko Haram captivity.
Governor Babagana Umara Zulum visited the victims in Pulka on Monday and directed the immediate distribution of food and non-food items to support their recovery and reintegration.

In compliance with the Governor’s directive, the Director General of the Borno State Emergency Management Agency (SEMA), Alhaji Ali Abdullahi Isa, promptly supervised the distribution exercise.
Each rescued person received a bag of rice, a bag of maize grits, a mattress, a wrapper, and a shadda, while children received two pairs of clothing.

In addition, 208 heads of households received N50,000 each, fulfilling Governor Zulum’s earlier pledge of financial assistance.
Speaking during the distribution, the SEMA Director General said the intervention was part of the government’s immediate response to ease the hardship faced by the rescued victims.

“I am here at the instance of His Excellency, Governor Babagana Umara Zulum, who was here some few days ago, and to deliver the items he directed that it should be given to you as emergency relief,” Ali stated.
The rescued individuals are currently receiving medical care and psychosocial support at a government facility. Upon completion of the rehabilitation process, they will be reintegrated into their respective communities.
The exercise was carried out alongside the Chairman of Gwoza local government, representatives of the Ngoshe community, and other officials.
Zulum Delivers Relief, Cash Support to 434 Ngoshe Residents Rescued from Boko Haram
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