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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
Troops receive rescued kidnap victims, arrest suspected gunrunner in Cross River
By: Zagazola Makama
Troops of 82 Division/Joint Task Force South-East, Operation UDO KA (OPUK), have received eight rescued kidnap victims from the Cameroonian Armed Forces and arrested a suspected gunrunner in Cross River State, the Nigerian Army has said.
Sources told Zagazola Makama development is contained in a security update on activities in the Area of Responsibility (AOR) of the formation as at Jan. 20.
According to the sources troops of 13 Brigade, deployed on patrol along the Ikang waterways, received the eight victims at about 6:16 p.m. on Jan. 18 at the Pastors Fishing Port general area.
The sources said the victims, who were travelling from Nigeria to Cameroon, were kidnapped by suspected sea pirates along the Cameroon waterways but were later rescued by the Cameroonian Armed Forces after a gun battle with the criminals.
“The rescued victims were conveyed to the troops’ Forward Operating Base (FOB), where they were debriefed and subsequently released,” the sourcss said.
In a related development, troops of 13 Brigade, based on credible intelligence, arrested a suspected gunrunner at Abi Local Government Area of Cross River State at about 8:00 a.m. on Jan. 20.
The suspect, identified as Mr Ojo Friday, was apprehended with a total of 245 ammunition cartridges.
The army said the suspect is from Ochon in Obubra Local Government Area of Cross River State but resides at Abomege in Ebonyi State.
“The suspect and recovered items are currently in custody for preliminary investigation,” the sources added.
The military high command reaffirmed its commitment to sustaining operations to curb criminal activities and ensure the safety of lives and property across the region.
Troops receive rescued kidnap victims, arrest suspected gunrunner in Cross River
Bandits kill two, abduct one in Niger community
By: Zagazola Makama
Armed bandits have killed two persons and abducted another in Kachiwe community, Munya Local Government Area of Niger State, the police have said.
Sources said the attack occurred at about 3:30 a.m. on Jan. 20.
According to eye witnesses, the bandits invaded Kachiwe community in large numbers, shot and killed Ango Abdulkarim, 25, and Abdulkarim Isah, 54, and abducted one Meyaku Ibrahim, 28.
All the victims are Fulani by tribe and residents of Kachiwe community.
“On receipt of the information at about 9:30 a.m., Army troops supported by Police and vigilantes, were swiftly deployed to the scene,” the sources said.
The sources added that by the time the teams arrived, the bandits had fled.
“However, the two corpses were recovered and, on the request of their relatives, handed over for burial,” the sources said.
The security sources said efforts were ongoing through intelligence gathering and monitoring to arrest the perpetrators and rescue the abducted victim.
Bandits kill two, abduct one in Niger community
NDLEA Arrests 77,792 Suspects, Secures 14,225 Convictions in Five Years
By: Michael Mike
The National Drug Law Enforcement Agency (NDLEA) on Tuesday said it has arrested 77,792 suspected drug offenders and secured 14,225 convictions over the past five years, as part of its intensified campaign against illicit drug trafficking in Nigeria.
The Chairman and Chief Executive Officer of the agency, Brig. Gen. Buba Marwa (Rtd), disclosed this in Abuja during the 11th Chairman/Chief Executive Officer (CCEO) Awards and Commendation Ceremony held at the NDLEA national headquarters.
Marwa also revealed that the agency seized more than 14.8 million kilogrammes of illicit substances within the said period, describing the achievement as a major blow to both local and international drug cartels operating in the country.
According to him, 128 major drug barons were among those arrested, noting that their capture had significantly weakened criminal trafficking networks.
He stated that beyond enforcement, the NDLEA had also prioritised rehabilitation and prevention, with over 32,000 drug users receiving professional treatment and counselling. Additionally, the agency conducted more than 13,700 sensitisation programmes under its War Against Drug Abuse (WADA) campaign across schools, markets, workplaces, religious centres, and communities nationwide.
Marwa praised President Bola Tinubu for renewing his mandate, describing it as a strong endorsement of the agency’s work.
He pledged to escalate the fight against drug trafficking during his second tenure, with more intelligence-driven and tactical operations
He said: “We will not rest until every drug baron is behind bars and every illicit substance is removed from our streets.”
At the ceremony, 166 NDLEA officers and 17 state commands were honoured for exceptional performance, bravery, and commitment to duty.
Marwa commended the judiciary, security agencies, international partners, civil society groups, and the media for their support in the fight against drug abuse and trafficking in Nigeria.
The NDLEA boss urged officers to remain diligent, disciplined, and proactive, stressing that the agency would continue to strengthen its operations to protect Nigerian youths from the dangers of illicit drugs.
NDLEA Arrests 77,792 Suspects, Secures 14,225 Convictions in Five Years
Troops receive rescued kidnap victims, arrest suspected gunrunner in Cross River
Bandits kill two, abduct one in Niger community
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