Connect with us

News

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

Published

on

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

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

ActionAid: 45% women in Nigeria experience cyberstalking

Published

on

ActionAid: 45% women in Nigeria experience cyberstalking

By: Michael Mike

ActionAid Nigeria has decried that 45 percent of women in Nigeria have experienced cyberstalking.

It further lamented that also 10.6 percent is said to have faced doxing, which is revealing a person’s private information online to expose them to harm.

UN Women, alongside members of the Development Partners Group on Gender (DPGG) including ActionAid Nigeria, Plan International Nigeria, GIZ, TETRATECH SPRING, and CARE International in collaboration with the Federal Ministry of Women Affairs, convened a landmark National Multi-Stakeholder Dialogue on Technology-Facilitated Gender-Based Violence (TF-GBV) in Abuja.

Held as a flagship event of the 2025 16 Days of Activism against Gender-Based Violence, the dialogue brought together a broad coalition of government institutions, development partners, technology companies, law enforcement agencies, civil society organisations, digital rights groups, and survivor advocates to address the rapidly growing threat of violence against women and girls in online and digital spaces.

Technology-facilitated GBV ranging from cyber-harassment, non-consensual image sharing, online stalking, digital blackmail, hate speech, and exploitation—continues to escalate in Nigeria, yet reporting pathways remain unclear, institutional mandates overlapping, and coordination across sectors insufficient to match the complexity of digital harms.

The Civil Society Organisation, ActionAid Nigeria also revealed that women and girls especially activists, journalists, politicians, and influencers are major victims of high levels of technology-facilitated gender based violence.

Niri Goyit, Women activist and Programme Manager for Women’s Rights, ActionAid Nigeria, reeled out the data on Friday in Abuja at a National Multi-Stakeholders Dialogue on Technology-Facilitated Gender Based Violence, which was part of the #16daysofactivism 2025.

Goyit in her technical presentation: an overview of TF-GBV trends in Nigeria, listed patriarchal norms, low digital literacy, weak enforcement of online harassment laws, platform moderation gaps, and rapid spread of smartphones/apps as some of the drivers of T-FGBV in the country.

She noted that: “In Nigeria, 45% of women have experienced cyberstalking, especially women in public roles, and 10.6% have faced doxing.”

She stated further that: “Nigeria’s internet adoption has grown faster than the safeguards needed to protect users. Survivors as young as fourteen now seek help. Women in public life face coordinated attacks and gendered misinformation.”

She noted that local data shows that many women have experienced cyberstalking or doxing while thousands of sextortion linked accounts were removed by platforms.

She added that: “In Nigeria, digital spaces mirror offline gender power structures Women and girls—especially activists, journalists, politicians, and influencers—face high levels of threats, coordinated harassment, image-based abuse, and doxing.”

She also stated that: “Women and girls across all ages are affected, but some groups face heightened vulnerability: dolescent girls (12–17) and young women (18–35) due to early, frequent social media use and limited control over privacy.

Other vulnerable groups are Women in public roles — journalists, activists, politicians, influencers.

The aim, according to the activist is to silence or discredit them.

On the impact of TF-GBV on victims, Goyit said it includes withdraw or self-censor, reducing women’s civic participation and economic opportunities.

“TFGBV affects survivors in several ways. Emotionally it causes fear, anxiety and trauma. Socially many withdraw from relationships or communities due to shame. Economically some lose jobs or avoid opportunities. Online threats also escalate into physical danger especially when private information is exposed,” she explained further.

She blamed systemic challenges for low implementation of the laws against TF-GBV, saying “Several challenges stand in the way. Laws have not kept pace with digital realities. Many officers do not have the skills to handle digital evidence. Society often dismisses online abuse as jokes. Platforms act slowly and case management systems are weak. These issues combined create major obstacles for survivors.”

Noting the challenges, the ActionAid officer urged for collaboration among all stakeholders.

She stressed that “No single institution can handle TFGBV alone. Government agencies must provide clear pathways for reporting and investigation. Law enforcement needs support from digital experts. SARCs must connect with cybercrime units. Civil society offers survivor centred approaches while technology companies must improve takedowns and cooperation. When all actors work together survivors are protected more effectively.”

She however said: “Nigeria does not need entirely new laws that will take years to pass. The country can update the laws it already has to match today’s digital realities. Real progress will come from collaboration, clarity and survivor centred systems. When institutions adapt and work together Nigeria can build a safer digital environment for all.”

In his goodwill Message, the Country Director, ActionAid Nigeria, Mr. Andrew Mamedu reiterated the commitment of AAN to ending all forms of GBV including TF-GBV.

He also called on all the stakeholders to join in preventing the menace.

Mamedu who was represented by Goyit said: “At ActionAid Nigeria, our commitment to ending all forms of GBV including TF-GBV—remains firm.

“We work in communities to challenge harmful norms, support survivors, strengthen access to justice, engage men and boys, and build the capacity of women-led organisations.

“We recognise both the opportunities and risks of digital platforms, and we remain committed to ensuring that technology empowers rather than harms women and girls.”

He therefore urged all partners—government, civil society, private sector, media, development partners, and community leaders—to renew their shared commitment to preventing and responding to all forms of GBV.

Special Adviser to the President on Women’s Health, Dr. Adanna Steinaker, representing the Minister of Women Affairs, Mrs. Imaan Sulaiman-Ibrahim noted that:

“As technology evolves, so must our responses. Technology should be a tool for empowerment, not a weapon of abuse. As a nation, we are committed to building systems that protect women and girls in every space—including the digital world. This dialogue moves us closer to a Nigeria where online safety, accountability, and justice are guaranteed for all.”

”Technology-facilitated violence is one of the fastest-growing threats to gender equality. On behalf of UN Women, I reaffirm our commitment to working with the Government of Nigeria and all partners to ensure that women and girls can participate in digital spaces without fear. This dialogue is a critical step toward a coordinated national response that protects rights, amplifies accountability, and builds a safer future for all.” UN Women Acting Deputy Country Representative – Ms. Patience Ekeoba who spoke on behalf of the Country Representative to Nigeria and ECOWAS.

ActionAid: 45% women in Nigeria experience cyberstalking

Continue Reading

News

Residents urged to take up employment in the Lassa General Hospital

Published

on

Residents urged to take up employment in the Lassa General Hospital

By: Bodunrin Kayode

Residents of Lassa town have been urged to take up instant employment in the General Hospital Lassa in the southern senatorial zone of the state.

Borno State Governor, Babagana Zulum said this while on a visit to the facility which is in Lassa town recently.

The Governor decried the deliberate shying away from working in the General hospital by residents with ancestry from the town or the council area.

Zulum regretted that most of the residents with qualified medical background come home only for important holidays and run back but refuse to work for the growth of their town.

The Governor who was on a sympathy tour of the Lassa General hospital recently vowed to change the fortune of the hospital if only trained Borno doctors will be bold to pick the instant employment waiting for them in lassa.

He assured that he was going to recruit as much as five doctors to assist the hospital which has not had a doctor since 2020 when Dr Danladi the last Principal medical doctor died.

The Governor assured that he will do all he can to ensure that the promised employment is effected as soon as the doctors or nurses show up to start work.

Lassa General hospital built by missionaries in 1928 before independence became a recognized secondary facility with the full complements of medical doctors and nurses.

However, as at today the they not only lack doctors but also nurses, medical and health record workers and all manner of health workers that should run a renown facility like this General hospital.

Residents urged to take up employment in the Lassa General Hospital

Continue Reading

News

VP Shettima: Traditional institutions Remain Irreplaceable, Will Be Preserved Under President Tinubu

Published

on

VP Shettima: Traditional institutions Remain Irreplaceable, Will Be Preserved Under President Tinubu

By: Our Reporter

Vice President Senator Kashim Shettima has reiterated the commitment of the administration of President Bola Ahmed Tinubu to the preservation and protection of traditional institutions in Nigeria.

According to him, traditional rulers are the closest to the grassroots are the leaders and fathers of the society, and their institutions outlive every administration.

Senator Shettima gave the assurance on Friday during the the 45th Anniversary of the Emir of Gumel, HRH, Alhaji Ahmed Mohammed Sani II, and the Commissioning of Gumel Central Mosque in Gumel local government area of Jigawa State.

The Vice President stated that the tenure of every elective political office holder ends after eight years but the traditional institutions remains.

“Therefore, we must respect them, we must take care of them, and we must preserve as well as protect the institution,” he added.

The Vice President, who congratulated the Emir of Gumel for celebrating his 45th anniversary in good health, prayed Almighty God to spare the life of the traditional ruler to witness his Golden Jubilee and centenary celebrations.

“I am quite glad to be back home. Gumel is home. Founded in 1750 by Danjuma, this Emirate has a rich history. When Danjuma died in 1754, he was succeeded by his son, and our royal father who is celebrating his 45th anniversary as the Emir of Gumel is the 13th Emir of Gumel. He is a graduate of Political Science.

“He was a Commissioner in the cabinet of the late former governor of old Kano State, Alhaji Abubakar Rimi, before he was elevated to the throne of his ancestors. May Allah continue to bless him with good health and may his reign be long.”

VP Shettima also paid glowing tribute to His Eminence, the Sultan of Sokoto, Alhaji Muhammed Sa’ad Abubakar III, saying the Sultan “is truly a leader worthy of emulation by us all.

“He (Sultan) is a symbol of our unity. Last week, he was in Kaduna. Hardly a week passes without the Sultan criss-crossing the length and breath of this country building bridges. Your Eminence, we are very grateful to you. May Allah bless you with sound health and long life,” the Vice President said.

Senator Shettima also applauded the Governor of Jigawa state, Mallam Umar Namadi, for cultivating 10,000 hectares of wheat, which, according to him, is more than what the entire 18 northern states cultivated.

“Your Excellency, we thank you; we are mightily proud of you. May the Almighty Allah continue to strengthen our unity and understanding, ” VP Shettima said.

Earlier, Governor Namadi thanked the Vice President Shettima for honouring the invitation by the Jigawa State Government and Gumel Emirate to grace the 45th Anniversary of the reigning Emir of Gumel and the commissioning of Gumel Central Mosque.

“Your Excellency, we are deeply grateful to you for honouring us with your presence at this historic ceremony. On behalf of the Government and good people of Jigawa State, especially the people of Gumel Emirate, we thank you most sincerely for your unwavering commitment to the progress and development of our dear state, ” Governor Namadi said.

Also, the Sultan of Sokoto and President General of the Nigeria Supreme Council for Islamic Affairs (NSCIA), Abubakar III, preached unity, tolerance, and mutual respect among all Nigerians irrespective of their religious and cultural diversity.

The Sultan, who congratulated the Emir of Gumel for marking his 45th anniversary celebration, commended the Vice President for his dedication and commitment to the preservation of traditional institution, peace, unity and development of the country.

Other dignitaries who graced the celebration are the Deputy Chief of Staff to the President (Office of the Vice President), Senator Ibrahim Hassan Hadeija; Minister of Agriculture and Food Security, Senator Abubakar Kyari; former member of the House of Representatives, Hon. Farouk Adamu Aliyu; Deputy Governor of Jigawa State, Alhaji Aminu Usman, and the Speaker of Jigawa State House of Assembly, Hon. Haruna Dangaji.

Others include the Emir of Machina, HRH, Alhaji Bashir Albishir Bukar Machinama; Emir of Dutse, HRH, Muhammad Hameem Nuhu Sanusi, Emir of Hadejia, HRH, Alhaji Adamu Abubakar Maje; members of the Jigawa State Executive Council, and some members of the National Assembly, among others.

VP Shettima: Traditional institutions Remain Irreplaceable, Will Be Preserved Under President Tinubu

Continue Reading

Trending

Verified by MonsterInsights