News
Islamic Banking: Metropolitan Law Firm roll out an endowment fund for indigent Nigerians
Islamic Banking: Metropolitan Law Firm roll out an endowment fund for indigent Nigerians
By: Michael Mike
The Metropolitan Law Firm has launched an endowment fund under the Islamic Banking guidelines to cater to the education of indigent Nigerians for basic to tertiary institutions.
The fund, called Waqf, is an instrument of Islamic Estate Planning largely designed for charitable and philanthropic activities to solve social problems.
Managing Partner, The Metropolitan Firm, Ummahani Amin, said N60 million seed funding has been committed to the fund and is targeted at the less privileged children, particularly orphans in the northeast by providing scholarships and complementing efforts aimed at dousing the burgeoning number of out-of-school children in the country.
She made this known at the 5th Annual Islamic Estate Planning and Clinic and the official launch of the Metropolitan Waqf fund on Sunday in Abuja organised in partnership with the FBNQuest Trustees, a subsidiary of FBN Holdings
Amin said the philanthropic activity will kick off in the Northeast because it is the region of the country that is most ravaged by insurgency and wanton killings which have left many destitute.
She added that the fund is focusing on education because it is a major social problem in the country that must be addressed for the country to attain desired development.
“We are targeting Northeast right now when it expands, it would be for everyone that meets the criteria. We will start with scholarships, but in the long run, we intend to have schools, especially for that with the best quality education and teachers to nurture and train the children till tertiary level, and we intend to give scholarships to either study in or out of the country at the tertiary level,” she said.
While noting that Waqf is an aspect of Islamic social financing targeted at solving a social problem, she said the fund is open for donations from individuals, and institutions. She equally noted that the Waqf is part of the Corporate Social Responsibility (CSR) of the Metropolitan Law.
Abimbola Ajinibi, Senior Vice President, FBNQuest informed that the non-Muslims can benefit from the endowment fund. He said the role of FBNQuest would be to ensure that the interest of the beneficiaries is protected.
“Waqf is called Islamic trust. It simply means that you have three parties, a set law, trustees, and the beneficiaries. Essentially, the trustees hold assets for the benefit of the named beneficiary. Today, we are launching Metropolitan Waqf which means that we are setting up a trust for the benefit of certain people. So we (FBN Quest) are going to act as delegate trustees to ensure that the interest of the beneficiaries is protected,” he said.
In the same vein, the Senator-Elect of FCT under the Labour Party and the member of the Board for the Metropolitan Waqf Fund, Ireti Kingibe, emphasized that the target is to help out-of-school children in the country, especially from the north.
Kingibe also used the opportunity to assure that she will use her office when she assumes office to ameliorate the plight of the marginalized groups in the FCT, especially the youth, women, and children.
Also in her presentation, Mutiat Olatunji, Private Trust Specialist, while giving an overview of the Islamic Estate Planning and Wealth Transfer defined estate planning as a structure set up during a person’s lifetime to cater to o the needs of both immediate and extended family, charitable and philanthropic activities
She also explained Waqf is a veritable tool for inheritance planning, and also be used to cater to generational wealth transfer, medical needs, and charitable activities among others.
Islamic Banking: Metropolitan Law Firm roll out an endowment fund for indigent Nigerians
NBMA Debunks Allegations of Negligence, Compromise Against It
By: Michael Mike
The Director General and Chief Executive Officer (DG/CEO) of the National Biosafety Management Agency (NBMA), Dr. Yemisi Asagbra debunked some allegations level against the agency by some non governmental organisations (NGOs) concerning negligence and compromise.
Speaking during a press briefing in Abuja on Friday, Asagbra said: “The negative statements circulating are misleading and lack credible scientific backing. The agency asks these organisations to present verifiable scientific evidence for their claims and we relies on sound scientific research and internationally recognized protocols to make informed decisions. It is part of the Cartagena Protocol with over 180 parties, our mandate is to protect the health of Nigerians and the environment. It will not compromise on this as it is an agency of integrity.
She added that: “The agency is transparent and accountable in its operations. It invites review of its processes and rigorous evaluations of GMO products. We are confident in our procedures that it’s meet global standards and it is a leader in effective regulation in Africa”.
On the source of the allegations, she said “over the years they have been advocating to have their presence in the board where all these products coming will be thoroughly Investigated, but it hasn’t been given. Most times we rely on the information given by Nigeria Custom Service to furnish them with needed information, which most time is not always easy if they have other things doing.
The Head planning, research and statistics National Biosafety Management Agency Mrs. Bello Scholastica said the agency is concerned with safety to our health and safety to our environment.
She further reiterated that what NBMA stands for is to establish first regulation from identification of the gene of interest, “of what you are interested in, from then till commercialization, and even after commercialization, they still follow suit to make sure that the approvals they gave hasn’t caused any harm, or those that were given approval to that they stay put to what they were asked to do”.
She further explained that the agency has put in effort to promote environmental conservation and biosafety in Nigeria.
NBMA Debunks Allegations of Negligence, Compromise Against It
House of Reps Assures on Passage of Human Rights Defenders Bill
By: Michael Mike
The House of Representatives has revealed that it is interested in the passage of the Human Rights Defenders Bill into law, saying that the bill has already passed the first reading and will soon be subjected to second reading.
The House also promised to take the necessary steps to ensure an improvement in the 2025 budget of the NHRC, pointing out that the N5 billion approved for it in the 2024 budget is inadequate considering the myriad of human rights violations in the country.
The Chairman House Committee on Human Rights, Hon. Abiola Makinde made this disclosure during the oversight visit of Committee to the National Human Rights Commission (NHRC).
The Chairman, who was represented at the occasion by his Deputy, Hon. Mudashiru Lukeman assured the NHRC that the Committee would continue to advance the course of human rights in Nigeria by ensuring that the House of Representatives passes critical bills on human rights issues as well as makes adequate budgetary provisions to ease the work of the Commission.
Makinde also stated that in a bid to improve some aspects of Civil and Political Rights, the House of Representatives had ensured the establishment of human rights desks in all police formations and Headquarters across the 36 States of the Federation.
Earlier, the Executive Secretary of the NHRC, Dr. Tony Ojukwu who received the lawmakers with his management staff told the Human Rights Committee that the Commission relies heavily on them for the enactment of human rights friendly laws and enhanced budgetary provisions to discharge it broad mandate of promotion, protection and enforcement of human rights in the country.
He used the opportunity to commend the legislators for their role in the amendment of the NHRC Act 2010 as well as the support of the Speaker of the House of Representatives, Hon. Femi Gbajabiamila in the payment of compensation to victims of human rights violations by the Special Anti-Robbery Squad (SARS) unit of the Nigeria Police Force.
He equally informed the legislators who were on oversight visit about the recent report released by the Commission following the findings of the Special Independent Investigative Panel on Human Rights Violations in Counter-Insurgency Operations in the North East Nigeria , which he noted has saved the country from possible invitation by the International Criminal Court (ICC).
He noted that the aforementioned wide spread allegations of human rights infractions against some government institutions could result in the ICC extending invitations to some of the leaders to respond to the allegations, but the Commission has done the needful in compliance with the international principles of omplementarity.
He thanked the Committee for promising to improve the budgetary allocation of the Commission in the 2025 fiscal year.
House of Reps Assures on Passage of Human Rights Defenders Bill
FG Confirms Arrest of Simon Ekpa
By: Michael Mike
The arrest of Biafra agitator, Simon Ekpa in Finland has been confirmed by the federal government.
A statement on Friday by the Ministry of Foreign Affairs stated that the Nigerian-Finnish citizen and prominent leader of the proscribed Indigenous People
of Biafra (IPOB), was arrested by Finnish authorities on Thursday.
According to the statement, Ekpa was
charged with inciting terrorism and promoting violence.
The Finnish District Court of
Päijät-Häme ruled to detain him on probable cause for publicly inciting crimes with terrorist intent.
The Finnish authorities alleged that Mr. Ekpa used social media platforms to spread
separatist propaganda, incite violence and encourage illegal actions, which had caused
significant disruptions in the South-East of Nigeria. Finnish investigators had also linked
him to incidents of violence in Nigeria, which were believed to had been fueled by his
online activities.
The statement said “the arrest of Mr. Simon Njoku Ekpa follows sustained diplomatic
pressure by the Nigerian government on Finland, to take action against his activities,
which were linked to violence and instability in the South-East of Nigeria. The request
for action featured during high level engagements between countries.”
The Ministry stated that the arrest of Ekpa, is a significant development in addressing the activities of IPOB, and also neutralizing the influence of transnational actors and “their impact on our national security.”
The Ministry promised to continue to monitor the legal proceedings and provide further updates as the case progresses.
FG Confirms Arrest of Simon Ekpa
NBMA Debunks Allegations of Negligence, Compromise Against It
Nigerian lawyers Ask to Collaborate with Chinese Colleagues in Law Relating to Investment and Dispute Resolution
House of Reps Assures on Passage of Human Rights Defenders Bill
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