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AICIF: The Metropolitan, FG Harp on Islamic Finance for Inclusive, Sustainable Development

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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

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Parliamentarians in Sierra Leone mourn colleague Lucinda Kelly

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Parliamentarians in Sierra Leone mourn colleague Lucinda Kelly

By: Bodunrin Kayode

Following the distressing announcement of the sudden death of Lucinda Kelly, representing Kono District, of Sierra Leone proceedings in the Parliament empathically came to a halt last week and was adjourned to this week in memory of the late politician.

During their last sitting, opposition leader Abdul Kargbo moved a motion, seconded by Deputy Opposition Leader Aaron Koroma, that all businesses on the Order Paper be suspended for the House be adjourned thereby allowing members to pay a condolence visit to the family of the bereaved.

“The remains of our colleague are currently at the mortuary, and I do not believe we can continue with the Sittings,” Kargbo said solemnly.

Acting Leader of Government Business, Bashiru Silikie joined the Opposition in extending condolences and requested that Acting Speaker Ibrahim Conteh adjourn Sittings to allow Members to mourn the late parliamentarian Lucinda Kelly.

Silikie noted that Kelly would have been present to form a quorum for last week’s Sittings, but death had sadly snatched her away from legislative businesses.

He proposed that the Parliament adjourns until tomorrow Tuesday for further deliberations pending announcement of her interment rites.

Acting Speaker Ibrahim Tawa Conteh then called on the House to observe a moment of silence in honour of the late Kelly.

Lucinda Kelly was an All People’s Congress (APC) Opposition Member of Parliament representing Kono District of the Republic of Sierra Leone.

She was a vocal and formidable debater who took her parliamentary responsibilities of representation, lawmaking, and oversight very seriously.

Parliamentarians in Sierra Leone mourn colleague Lucinda Kelly

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Kashim Shettima: Of Betrayal, Power, and Survival.

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Kashim Shettima: Of Betrayal, Power, and Survival.

By: Inuwa Bwala.

“March has returned, and with it the Ides. Beware the men who call you brother.”
Julius Caesar was perhaps Rome’s most trusted general. He crossed the Rubicon for Rome, conquered Gaul for Rome, and pardoned enemies for Rome.

Yet it was neither Gaul nor Pompey: his avowed rivals, that killed him. It was Brutus: his friend, and confidant yet his protégé, who was described as “the noblest Roman of them all.”

Julius Caesar did not slump and died because the daggers were too many, rather, bacause he noticed the person he least expected could betray him amongst those stabbing him: Brutus. In utter shock and disbelief, Caesar slumped, but not before he uttered the word,”And you too Brutus?”.

There is no doubt that, Kashim Shettima was Borno’s most tested governor. He walked into boiling areas, when others fled the state. He rebuilt schools bombed by Boko Haram. He chose to stay in Maiduguri when Abuja offered comfort.
As Vice President, he has carried himself as a true statesman abs the face of the Tinubu administration at national and international meets.

He always speaks of “the sanctity of human life” and calked for swifter and total mobilisationagainst terror.
Yet today, whispers from Borno and Abuja suggest the daggers are not in the bush like that of Boko Haram, they are in the hands of his kinsmen, those he hold family meetings and political meetings with.

Those who could read between the line, may be able to tell, when Shettima gave an anecdote at a recent public function, about the visit by his kinsmen to his boss, Bola Ahmed Tinubu, just three months into the life of the administration.

Like Brutus and the conspirators of the Shakespearean fame, who claimed they did not hate Caesar, but loved Rome more, those who visited Tinubu claimed to love Nigeria more and her President, abd not brcause thry hated Shettima.
Brutus in particular played on a so-called republican pride and his fear of tyranny, which he used in convincing himself that betrayal was patriotism. He struck to “save” Rome.

Shettima’s own “Brutuses” use a different script, relying on Shetyima’s perceived ambition and the attendant battle to keep himself in the balance of power as an alibi.
And in the face of contending forces, they recruited people to plsy out the cards, while remaining in the shadows. The charges may appear different with that if Caesar, but the intents are same. And while still smarting from the Muslim-Muslim debacle, Shettima had hradly setyled in office when they began to spread rumours of him, being too Borno, not enough to be a northerner. Too ambitious, fetish, independent minded and growing too popular. One thing they could not take away from him though us the fact that Shettima is intelligent, shrewd and a master schemer, which his boss knows too well.

I had cause to warn of this years ago seeing Shettima’s passive refusal to pick between kinsmen in place of statesmen to work with him.
I could see through the plots to denigrate a fine emergent nationalist by linking him with Boko Haram, painting him as fetish, portraying him as a religious and ethinic checkbox, all in a bud to undo him. The weapon when he was govetnor was insurgency, but the weapon now is political naivity and stereotyping . The tactic includes convincing his Kanuri kinsmen to fight him, so that “when Kanuri fights Kanuri, others will win. But beyond that, even his Kanuri brothers seem to have an axe to grind with him.
The painful truth remains, that, Caesar’s killers were senators in the Capitol, but Shettima’s challengers may be his own kinsmen: some of whom, he nentored snd no one can ever convince him that, they could ever work against him. In both cases, the dagger is dipped in familiarity.
It cuts deeper because the hands holding it, are either those he mentored or once broke bread with him.

Caesar died because he ignored omens. Not even Calpurnia, his wife’s dream could deter him. He ignored the soothsayer, and shunned the Senate’s mood, thinking goodwill was a good sheild and armor.

Shettima’s March 2027 is loaded with omens too, arising from fresh attacks by vested interests, intrigues amongst political players, betrayal by kinsmen, espionage by aides and attachees, dissertion by hitherto close allies, manipulations in the media, ethnic or religious profiling, clandestine meetings that without communiqués, but with lethal intents, contending forces in the party who whisper that 2027 needs a “new pairing.” indeed, the ides are here, because a second term is near, and second terms birth daggers.

As governor, perhaps Shettima survived by moving rather faster than conspiracy. He outrun, those who want to either even scores or shake off his dominace, and those people have remained at daggers drawn with him
How Shettima Survives, will definitely be a refrence point in power struggles in Nigeria.
But unlike Caesar who never learnt, Shettima is a good student of Robert Greens 48 Laws of Power, and must have drawn lessons from the falls of others before him.

To survive, Shettima must learn to trust, but audit the Praetorians. Caesar trusted Brutus with his life. Shettima cannot afford blind trust. The INEC database compromise and probe shows how insider access kills. Shettima must do what he did as governor: forensic audits, no sacred cows. As I earlier said, he must have his own policy, which must not be changed simply because some people want to determine its content.
He must learnt to keep the people, his own trusted people, and must not loose, as Caesar lost Rome due to his belief in his personal prowess and capacity. Shettima still owns Borno’s streets and still conttols the larger and more lethal political forces in the North.

He should be able to name the Brutus, but should not become an Antony, whom at Caesar’s funeral sparked civil unrest. Shettima cannot afford chaos. He should have a machinery on ground that will expose the plot, without burning the Forum. He should expedite action in uniting the North, and rally the support of kinsmen, even as a counterforce, or risks allowing the real enemies to win.

Importantly, he should bear in mind, that, the parabolical March is not the end, the ides pass. For Caesar, it ended at Pompey’s statue, but for Shettima, March can end with a stronger alliance. He must do what he told the nation: “We choose light over shadow, and hope over despair”.
The Verdict of History, had
Brutus dying on his own sword, muttering, “Caesar, now be still.” Betrayal did not save the Republic, rather it buried it.
Shettima’s kinsmen face the same choice. They can strike and wait for the verdict of history, or they can sheathe the dagger and remember: the real enemy still sleeps someehere else.

Twelve years ago, I wrote that Shettima’s ides would test Borno. In 2026, I state without fear of contradiction, that, they will test Nigeria.
Caesar ignored the soothsayer because he was in so much hurry. Shettima, as always, may not be in a hurry, but should he decide to, that hurry may yet save him.

Kashim Shettima: Of Betrayal, Power, and Survival.

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FACT CHECK: No School Attack, No Student Abduction in Kautikari — What Really Happened During the ISWAP Raid

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FACT CHECK: No School Attack, No Student Abduction in Kautikari — What Really Happened During the ISWAP Raid

By Zagazola Makama

A wave of alarming reports circulating across social media and some online platforms has claimed that Boko Haram insurgents attacked a school and abducted students in Kautikari community of Chibok Local Government Area, Borno State.

The claims, predictably amplified by emotionally charged references to the 2014 Chibok schoolgirls’ abduction, have generated anxiety among Nigerians following developments in the troubled region.

However, a detailed fact-check by Zagazola Makama, based on assessment from field sources, and video evidence from the scene, has found the claims to be entirely FALSE.

According to sources, the incident occurred at about 7:30 p.m. on June 13 when ISWAP terrorists launched an attack on a hunters’ patrol base located within the premises of a disused primary school in Kautikari.

The facility being used by the hunters was not functioning as a school at the time of the attack, nor were students present at the location. Rather, local hunters had established a patrol outpost within the structure, using some of the classrooms as temporary accommodation and operational shelters while supporting troops of Operation HADIN KAI’s efforts in the area.

The terrorists specifically targeted the hunters’ base and not a school populated by students as widely claimed. Initial resistance by the hunters successfully repelled the first assault.

However, the terrorists later regrouped in larger numbers and launched a second attack, forcing the hunters to temporarily withdraw after running low on ammunition.

Military sources disclosed that reinforcement teams comprising troops of the 117 Task Force Battalion from Kwada, supported by a Quick Response Force, local hunters and vigilante personnel, rapidly mobilized to the scene and engaged the terrorists. The coordinated response eventually overwhelmed the attackers and forced them to retreat.

No Student Was Abducted

Contrary to viral claims, there is no evidence that any student was abducted during the attack. Operational reports from the scene recorded no missing students, no reports of schoolchildren being taken away, and no indication that the terrorists targeted an educational institution in session.

Security sources confirmed that accountability checks conducted after the attack found no cases of student abduction.

In fact, the only confirmed casualties were one civilian who was reportedly struck by a stray bullet fired by the terrorists and one member of the Civilian Joint Task Force (CJTF) who sustained a gunshot wound to the arm.

Sources said also that the terrorists set fire to clothing and personal belongings belonging to the hunters stationed at the outpost. No troops were killed or injured during the engagement.

Further undermining the false reports is video footage obtained by Zagazola Makama from the aftermath of the attack. In the footage, one of the affected hunters is seen showing the damaged facility and burnt belongings while lamenting the destruction caused by the terrorists.

The hunter can be heard explaining that the location served as their place of accommodation and operational base.

“This is where we sleep,” he says while pointing to the affected section of the building.

The footage clearly supports military accounts that the target was a hunters’ outpost and not an occupied school hosting students.

The confusion likely arose because the hunters’ base was situated within the premises of a primary school building.

Photographs and videos showing damaged classrooms were subsequently circulated online without context, leading some platforms to incorrectly conclude that a school had been attacked and students abducted.

The result was the rapid spread of misinformation that failed basic verification standards.

Given Chibok’s painful history, any report involving schools and abductions naturally attracts national and international attention. This makes accurate reporting even more important.

FACT CHECK: No School Attack, No Student Abduction in Kautikari — What Really Happened During the ISWAP Raid

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