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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
India Strengthens Youth Ties with Nigeria Through Essay Competition Awards
India Strengthens Youth Ties with Nigeria Through Essay Competition Awards
By: Michael Mike
The High Commission of India in Nigeria has honoured Nigerian winners of an essay competition organised under its newly introduced “Youth Junction” initiative, a programme designed to deepen youth engagement and strengthen people-to-people relations between India and Nigeria.
The prize distribution ceremony which took place at the High Commission in Abuja, drew participation from Nigerian and Indian youths who gathered to celebrate academic excellence, creativity and the growing partnership between the two nations.
Speaking at the event, India’s High Commissioner to Nigeria, Abhishek Singh, said the Youth Junction initiative was created to provide a dynamic platform for young people in both countries to interact, share ideas and explore collaborative opportunities.
He explained that the programme seeks to inspire creativity, learning and innovation among youth while also promoting cultural understanding and strengthening the longstanding diplomatic relationship between the two countries.
Singh noted that young people remain central to the future of bilateral cooperation, stressing that platforms such as Youth Junction would encourage meaningful exchanges and partnerships in areas of shared interest.
The essay competition, which formed part of the initiative, was launched on February 6, 2026 with the theme “Strength of India–Nigeria Bilateral Relationship.” The contest invited Nigerian students to reflect on the evolving partnership between the two countries and highlight opportunities for deeper cooperation.
A representative of Nigeria’s Minister of Youth Development, Ayodele Olawande, commended the initiative, describing it as an important platform for strengthening bilateral relations through youth-driven engagement.
The representative noted that by bringing young Nigerians and Indians together, the initiative would encourage collaboration in areas such as technology, entrepreneurship, cultural exchange and digital skills development.
Participants at the event expressed optimism that sustained youth-focused programmes would open new avenues for cooperation and mutual understanding between both countries.
The High Commission congratulated the award recipients and reaffirmed its commitment to expanding the Youth Junction initiative as part of broader efforts to deepen the enduring partnership between India and Nigeria.
India Strengthens Youth Ties with Nigeria Through Essay Competition Awards
News
Journalists Health Insurance Gets A Boost with Hundreds Enrolled in Abuja
Journalists Health Insurance Gets A Boost with Hundreds Enrolled in Abuja
By: Michael Mike
A major push to improve the welfare of journalists gathered momentum in Nigeria’s capital as media leaders and government officials called on philanthropists and public office holders to sponsor health insurance for reporters.
The call came as more than 150 journalists were enrolled in the Federal Capital Territory Health Insurance Scheme during the launch of a healthcare initiative by the Nigeria Union of Journalists (NUJ) FCT Council in Abuja.
The Mandate Secretary of the FCT Health Services and Environment Secretariat, Adedolapo Fasawe, used the occasion to urge philanthropists, political leaders, business executives and religious institutions to support journalists by purchasing health insurance coverage for them.
According to her, journalists play a critical role in society by amplifying the voices of citizens and holding institutions accountable, yet many remain without access to basic healthcare protection.
“My purpose of coming here today is to ask political office holders, religious leaders and individuals who want their voices to be heard to buy health insurance for a journalist,” she said.
The initiative, spearheaded by the Chairman of the NUJ FCT Council, Grace Ike, is aimed at addressing the long-standing welfare concerns of journalists working in the Federal Capital Territory.
Ike described the launch as a historic turning point for the union, noting that it represents the first structured health insurance programme specifically targeted at journalists in the territory.
“Journalists dedicate their lives to informing the public and shaping national conversations, yet their welfare is often overlooked,” she said. “This initiative is about protecting those who work tirelessly to keep society informed.”
She commended the Chairman of the House of Representatives Committee on Information, Akin Rotimi Jr., for supporting the programme and helping initiate the insurance coverage.
She also praised Fasawe for providing 150 free health insurance slots for NUJ members and acknowledged the support of the Permanent Secretary in the FCT Health Secretariat, Babagana Adam, who pledged to sponsor 50 additional journalists in memory of his late brother.
With these contributions, Ike disclosed that about 200 journalists in the FCT have already secured health insurance coverage under the scheme.
Fasawe further announced an additional 50 insurance slots during the event, pushing the coverage to about 65 per cent of NUJ members in the territory. She revealed that about 480 out of the estimated 800 journalists operating in the FCT are now captured under the health insurance programme.
The health official stressed that expanding insurance coverage aligns with the healthcare reforms being pursued by the FCT Administration under the Minister of the Federal Capital Territory, Nyesom Wike.
She noted that the administration has adopted a zero-tolerance policy toward maternal mortality and has expanded access to free antenatal care and delivery services for vulnerable pregnant women across primary healthcare centres in the FCT.
Also speaking, the National President of the NUJ, Alhassan Yahya, said the initiative was a critical intervention given the extremely low health insurance coverage among journalists nationwide.
He revealed that studies show less than one per cent of Nigerian journalists currently have any form of health insurance, leaving many vulnerable to high out-of-pocket medical expenses.
The programme, unveiled during the NUJ FCT Congress attended by more than 450 members, was widely welcomed by journalists who described it as a long-awaited step toward improving the welfare and security of media professionals in the nation’s capital.
Stakeholders at the event expressed optimism that sustained support from government agencies, private organisations and philanthropists would help extend health insurance coverage to all journalists in the Federal Capital Territory.
Journalists Health Insurance Gets A Boost with Hundreds Enrolled in Abuja
News
Before Calling for DSS Disbandment, Look at the Results
Before Calling for DSS Disbandment, Look at the Results
By: Olumide Bajulaiye
At a time when Nigeria continues to confront terrorism, kidnapping, and organized crime, calls for the disbandment of the Department of State Services (DSS) are not only misplaced but dangerously dismissive of the agency’s recent achievements.
Under the leadership of Oluwatosin Ajayi, the DSS has demonstrated renewed operational focus and intelligence capability in confronting some of the country’s most pressing security threats. Rather than dismantling the agency, the conversation should focus on strengthening and supporting the institution that quietly works behind the scenes to protect Nigerians.
Across the North-East, North-West, and the Middle Belt, the DSS has intensified intelligence-driven operations that have disrupted terror cells and prevented numerous kidnapping plots. These are not abstract claims; they are measurable results that have directly contributed to saving lives and stabilizing communities.
One of the most significant achievements has been the successful prosecution and conviction of key terrorist figures linked to groups such as Ansaru and commanders associated with Islamic State West Africa Province (ISWAP). Convictions of this magnitude signal not only effective intelligence gathering but also coordination with the justice system to ensure that perpetrators face the full weight of the law.
The DSS has also expanded its operational reach beyond traditional conflict zones. Coordinated operations in Abuja, as well as in Nasarawa State, Ebonyi State, and Akwa Ibom State, have led to the arrest of arms couriers and logistics suppliers for terrorist groups. In some cases, even women acting as logistical coordinators for terror networks were apprehended, demonstrating the depth of the agency’s intelligence penetration.
Perhaps one of the most striking operations occurred in Asaba, where DSS operatives intercepted a major arms smuggling network. The operation led to the recovery of more than 50 AK-47 rifles, rocket-propelled grenades (RPGs), grenades, and over 3,000 rounds of ammunition—an arsenal that could have fueled devastating attacks across the country.
The agency’s efforts have also translated into lifesaving rescue missions. In Kaduna State, coordinated DSS operations resulted in the rescue of 79 kidnapped victims. Similar rescue missions have taken place in Niger State, Kebbi State, and Katsina State, returning victims to their families and disrupting the financial networks that sustain kidnapping gangs.
Importantly, these are only the operations that reach the public domain. Intelligence agencies worldwide operate largely in secrecy, meaning many successful interventions remain undisclosed to protect ongoing investigations and operational methods.
This reality makes sweeping criticisms of the DSS particularly unfair. Security agencies should indeed be held accountable, but such scrutiny must be balanced with recognition of genuine accomplishments. Dismissing the agency outright ignores the complex and often dangerous work carried out daily by its officers.
Nigeria’s security challenges require strong institutions, professional leadership, and sustained intelligence operations. Under Ajayi’s leadership, the DSS appears to be repositioning itself toward that goal.
Rather than calling for its disbandment, Nigerians should demand continued reforms, improved oversight, and greater resources to ensure the DSS remains effective in safeguarding national security.
In the fight against terrorism and organized crime, weakening one of the country’s primary intelligence institutions would only serve the enemies of the state—not the Nigerian people.
Olumide Bajulaiye is the Publisher, Daily Dispatch Newspaper, also a media consultant
Before Calling for DSS Disbandment, Look at the Results
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