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

Adamawa, Taraba Govts urged to take ownership of UNICEF’s interventions

By Ibrahim Kado

The UNICEF has tasked state governments to take leadership and ownership of its various interventions for the well-being of children.

Nuzhat Rafique, Chief of UNICEF’s Bauchi Field Office, made the call on Tuesday at the 2025 review meetings in Yola.

“Looking at the horizon of financing globally coming to the different countries, my request is that governments should take more leadership and ownership”, she said.

Rafique said the meeting remained UNICEF’s standard procedure to review the whole annual work plan at the end of the year with the counterparts.

“So this process enables us to plan better for 2026 and have more innovative approaches to achieve more results and reach the hardest to reach areas and the last child.

“The state governments are the leaders leading the whole implementation in all sectors.”

She said UNICEF will continue to ensure that ownership and the leadership remains in the hands of the state governments, particularly in areas like health, nutrition, WASH, education, child protection, and social policy.

According to Rafique, wherever support is needed for data analysis and reports, UNICEF provides technical support to states.

Dr Tukura Nyigwa, Executive Secretary, Taraba Primary Healthcare Development Agency, appreciated UNICEF intervention and assured continued collaboration towards ensuring children receive better treatment.

“For us in Taraba, UNICEF has engaged all the stakeholders to impact the children’s life in the areas of immunisation, nutrition, child protection, education, among others.

“So UNICEF is at the forefront in these key areas and others that I didn’t mention”, he said.

Dr Garba Pella, Adamawa Commissioner for Education and Human Capital Development, also acknowledged the contribution of UNICEF as regards children’s well-being in the state.

He said the government and all partners are working together to ensure that no child is left behind.

“That is why the government introduced free healthcare for children in public facilities, free education and comfort for every child among others”, he said.

Pella further described the UNICEF template for collaboration as excellent and urged other NGOs to take a cue.

Adamawa, Taraba Govts urged to take ownership of UNICEF’s interventions

NSCDC TO COMPLY WITH THE PROVISIONS OF CYBER CRIME PROHIBITION, PREVENTION ACT 2015 IN INVESTIGATION, PROSECUTION OF OFFENDERS

By: Michael Mike

The Commandant of the Nigeria Security and Civil Defence Corps (NSCDC) Federal Capital Territory (FCT) Command, Dr. Olusola Odumosu has disclosed that henceforth, investigation and prosecution of offenders of Critical National Information Infrastructure (CNII) would be carried out under relevant provisions, protection of CNII order, 2024.

Odumosu made the disclosure during a one day internal workshop to acquaint personnel of relevant department and units of the Command, such as ICT, Critical National Assets and Infrastructure, Intelligence and Investigation, Legal unit and personnel from the Area Commands and Divisions, with the provisions of the cybercrimes Acts and Critical National Information Infrastructure (CNII) order.

The workshop was convened in line with the directive of the Commandant General (CG), Prof. Ahmed Abubakar Audi, mni OFR, following the directive of the office of the National Security Adviser (ONSA) on the application of the cyber crimes prohibition, prevention etc Act, 2015, in the prosecution of offences relating to Critical Information Infrastructure (CNII) as contained in the designation and protection of CNII order, 2024.

He said some individuals apprehended for vandalism or stealing CNII, like fiber optics cables, transmission towers, communication bases and switching stations with other ICT – related infrastructure are still being charged under conventional laws applicable to theft or malicious damage which has failed to address the National Security, Economic and Strategic implications of tampering with CNII.

The FCT Boss hinted that it was imperative to note that CNII comprises of Networks, systems, and facilities especially in telecommunications, finance, energy, transportation, and Defence whose disruption could compromise National Security, Economic and Public Safety.

The Commandant said CNII remains one of the core mandates of the Corps and all hands must be on deck to ensure that Critical National Assets and Infrastructure remains secured and capable of supporting the nation’s growth in this digital era.

“This gathering is not just a response to security threats but a proactive step towards fostering collaboration, innovation and strategic planning to safeguard our cultural heritage from vandalism”

“It must be clear that the Cybercrime law underscore the fact that attacks are no longer just physical – cutting cables, vandalizing installation but also digital or hybrid system interference, unauthorized access, data tampering”.

He urged all the participants to cascade the knowledge they have garnered to officers under them to ensure that vandalism is completely obliterated from the Capital Territory.

NSCDC TO COMPLY WITH THE PROVISIONS OF CYBER CRIME PROHIBITION, PREVENTION ACT 2015 IN INVESTIGATION, PROSECUTION OF OFFENDERS