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All Posts in "Day: November 5, 2025"

AICIF 2025: Nigeria’s Non-Interest Capital Market Now Worth N1.6trn – SEC DG

 

The Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has disclosed that Nigeria’s non-interest capital market has grown to a valuation of over N1.6 trillion, underscoring its expanding role in deepening financial inclusion and supporting infrastructure development.

 

Speaking at the 7th African International Conference on Islamic Finance (AICIF) 2025, held in Lagos, Dr. Agama said the growth reflects investors’ confidence and the success of the Commission’s regulatory reforms under the Investments and Securities Act (ISA) 2025.

 

He stated: “The remarkable growth of the non-interest segment in Nigeria — a market now valued at over ₦1.6 trillion — is clear evidence that when there is an enabling regulatory environment, the market responds with vigour”.

 

He noted that Nigeria’s sovereign Sukuk programme has raised over ₦1.4 trillion through seven issuances since 2017, financing the construction and rehabilitation of 124 critical roads covering more than 5,820 kilometres across the country.

 

Agama added that the recent approval of a $500 million international Sukuk would mark the next phase of Nigeria’s effort to attract ethical financing for infrastructure and economic growth.

 

He emphasized that the rapid growth of Islamic finance across the continent shows Africa’s readiness to embrace non-interest instruments as a mainstream funding source.

 

He cited examples from Egypt, Kenya, Tanzania, Senegal, and Ghana, which are strengthening legal and policy frameworks to attract Shariah-compliant investments.

 

Dr. Agama commended Metropolitan Skills for its role in advancing Islamic finance and said resolutions from the conference would feed into the Second Nigerian Capital Market Masterplan (2026–2035), as the first plan concludes this year.

 

He urged stakeholders to continue using Islamic finance as a tool for ethical investment, financial inclusion, and infrastructure renewal, stressing that “prosperity without inclusion is not sustainable.”

 

In her address, the Conference Chair, Ms. Ummahani Ahmad Amin, said while Islamic finance had made remarkable progress in Nigeria and across Africa, the continent was yet to fully harness its potential as a reliable source of catalytic capital to bridge its annual infrastructure financing gap estimated at $130 billion to $170 billion.

 

She noted that although global Islamic financial assets grew by 14.9% year-on-year to $3.88 trillion in 2024, Africa’s share remains marginal due to barriers such as underdeveloped market infrastructure, limited liquidity, and low investor education.

 

“To enable Sukuk and other Islamic financial instruments serve as effective drivers of financial intermediation and macro-financial stability, we must first address the barriers that continue to constrain their growth,” Amin said.

 

She also noted the role of Artificial Intelligence (AI) in reshaping ethical finance, automating compliance, and expanding financial access, but warned that the technology must be guided by ethical guardrails to sustain trust.

 

Ms. Amin stressed that collaboration and knowledge-sharing were key to unlocking Africa’s inclusive prosperity, noting that this year’s AICIF theme — “Africa Emerging: A Prosperous and Inclusive Outlook” — reflects optimism about the continent’s ability to drive sustainable and inclusive development.

 

As part of its commitment to youth empowerment, she announced that the conference, in partnership with the SEC, hosted a pitch competition to support promising startups.

ZannyTecture Recycling Company Limited won in the Social Impact category for turning discarded tyres and PET bottles into eco-friendly products, while BetaLife Health clinched first place in the Technology category with its AI-driven blood supply optimization platform.

 

Amin also unveiled The Metropolitan Waqf, an initiative aimed at providing access to education for marginalized communities in Nigeria, particularly in areas affected by conflict.

Online Poster by — November 5, 2025 in Capital Market
From Market Stall To Millionaire: How Fidelity Bank GAIM 6 Transformed My Life – Fufu Seller.

Question: Let’s start this interview with a general introduction of yourself. Tell us about yourself as a customer of Fidelity Bank?

 

Response: My name is Mrs. Francesca Ogbonnaya and I am from Delta State while my husband is from Ebonyi State, South – East Nigeria. I was born here in Kano State, which means I have been in the state for so long. I am a trader and as you can see, my business inside the market is trading. I sell fufu to different customers who buy and then resell in their restaurants or feed their families at home. I started banking with Fidelity Bank, about a year ago, that is sometime in 2024. And I have been with the bank since then.

 

Question: Talking of banking with Fidelity Bank, may we know what inspired you to register with the bank instead of any other bank?

 

Answer: I think that my relationship with my former bank was not satisfactory enough. I had been hearing about Fidelity Bank and what I heard was encouraging. And so, when it was time to change my bank, Fidelity Bank naturally came to my mind. And I can tell you that I have not been disappointed. This is because all those good things that were said about the bank before I opened an account, I have experienced them while banking with them. Their staff attend to customers very well, and whenever I call my account officer, he attends to me very well. Each time I call on him regarding my account, he is on standby to help me.

 

Question: When did you open an account with the bank?

Response: Like I said earlier, I opened an account with the bank last year, around January or February 2024. And I opened a Savings Account.

 

Question: What is your experience with the bank. Is it wonderful? And if yes, why?

 

Response: My experience with the bank can only be described as wonderful. Apart from all other services, this is the first time I am experiencing a thing like this. I have never experienced any bank in Nigeria where I won in a savings promo. With this alone, I will say that my experience with the bank has been wonderful, really wonderful because I never expected anything like this. I also never knew of the GAIM 6 promo. I just woke up one day and found that I have won such an amount of money from the bank. This is why I will repeat that they are a wonderful bank, they are a bank for the people.

Question: You mean you didn’t know about GAIM 6 or any promotion, that you were just putting in your regular money and you won?

 

Response: Yes! I had no idea of an on- going promotion by the bank. I deposit money with them every day. Every day, at the end of business, I put in something into my account, no matter how small. I make sure I put money every day and I withdraw when I want to withdraw. Any amount I seek to withdraw, they give to me without wasting time.

 

I really didn’t know about any promo. As you can see in the market, I don’t have time for myself, talk less of having time to know about the Fidelity Bank’s Get Alert In Millions promo. I didn’t know of it. All I know is that one day, they called me on my phone number to inform me that I had won an amount of money in season 6 of GAIM. And that is all.

 

Question: When you received the news that you had won some money from the bank, how did you feel?

 

Response: The truth is I was sick on that day; I was actually lying on a sick bed when they called me to announce that I had won the sum of N1million from them. It was incredible. I was very, very happy and surprisingly, I jumped up and ran to my business outfit here to tell them the good news from the bank. At first, people around me did not want to believe, that it might be a scam. I told them that I trust my bank. And all they asked me to do was to go their branch to claim my money, which is what I did.

 

Question: Moving forward, what do you intend to do with the money you just won from the bank? Or put another way, what have you done with your money?

 

Response: Well, I have added it to my business capital and that has made my business bigger than what it was before the GAIM 6 promo money. I followed the advice of the bank when I won the money and I can tell you they did not just leave me. They told me what and what I should do and I can tell you that my business has recorded an improvement. We are now doing better than we were doing before the promotion money came.

 

Question: What is your message to the management of Fidelity Bank?

Response: First, I want to thank the bank for the efforts they are putting in ensuring that their customers are satisfied. I pray that they continue to support their customers and I beg them to continue. This is because if they extend this sort of promotion money for a longer time, they would be making more people to become rich. They would be helping hands. So, I am begging God that they should not stop or halt this promotion. It should continue and it should touch the poor, so that more customers will be made rich by the help of the bank.

 

Question: What is your message to Nigerians that are not yet banking with Fidelity Bank? What is your advice drawing from your experience?

 

Response: Well, I will say that Fidelity Bank is a good bank. It is a place you bank and you don’t have to worry about the safety of your money. Instead, your money can even make you a millionaire. The Get Alert In Million Season 6 promo can change their lives as it has changed my own. So, I urge my fellow Nigerians to come and join us at Fidelity Bank because Fidelity Bank is a bank you can trust and we their customers are proud of them.

Online Poster by — November 5, 2025 in News
PenCom, NAICOM Direct Insurance Firms To Stop Business With Defaulting Employers

The National Pension Commission (PenCom) and the National Insurance Commission (NAICOM) have directed insurance companies and their vendors to fully comply with Nigeria’s pension and insurance laws.
The new directive, contained in a joint circular signed by Abdulrahaman Muhammad Saleem, Director of Surveillance Department at PenCom, and Dr. Talmiz Usman, Director of Legal, Enforcement and Market Development at NAICOM, seeks to strengthen compliance with the Pension Reform Act (PRA) 2014 and the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
The circular focus on compliance with the Contributory Pension Scheme (CPS) and the requirement for all employers to maintain Group Life Assurance (GLA) coverage for their employees.
Under Section 2 of the PRA 2014, every employer in the public and private sectors must participate in the CPS, remit pension deductions not later than seven working days after salary payment, and provide life insurance cover for employees.
However, despite continuous engagements, audits, and sanctions by PenCom, a significant number of employers, including some within the financial services industry, have remained in breach of these legal obligations.
PenCom revealed that it has appointed Recovery Agents to audit defaulting employers, impose administrative sanctions, and pursue judicial recovery of outstanding pension contributions and penalties.
Yet, the persistence of non-compliance has continued to threaten the sustainability and credibility of the CPS, prompting this joint enforcement strategy with NAICOM.
By this new circular, all Licensed Insurance Companies must possess valid Pension Clearance Certificates (PCCs) from PenCom and Group Life Assurance Certificates compliant with NIIRA 2025 before engaging in any operational or investment activity.
Every vendor, service provider, and counterparty that seeks to do business with insurance companies must also hold valid PCCs and GLA Certificates, as a pre-condition for any contractual agreement.
The directive further extends to investment transactions, including commercial papers, bond issuances, and bank placements. All counterparties involved must execute a Compliance Attestation, affirming that their own vendors and service providers also maintain valid PCCs and GLA Certificates.
This cascading requirement effectively embeds pension and insurance compliance throughout the investment value chain, ensuring that no entity within the insurance ecosystem operates outside the law.
Insurance firms are also required to integrate these compliance requirements into their internal policies, vendor selection, due diligence, and investment risk assessment frameworks.
Similarly, parent companies, subsidiaries, holding firms, and institutional shareholders of insurance entities must demonstrate full compliance before any business dealings are approved.
Recognising the operational adjustments that the new measures demand, PenCom and NAICOM have granted a six-month transition window from the date of the circular to enable full implementation.
During this period, insurance companies are expected to align their internal processes, communicate compliance expectations to vendors, and update their governance frameworks accordingly.

Online Poster by — November 5, 2025 in Insurance and Pension
NACCIMA Revives Nigeria–China Business Forum to Deepen Bilateral Trade Relations

By Fidelia Okafor 
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‎The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has reaffirmed its commitment to deepening Nigeria–China business relations as it prepares for its Business Forum in Guangzhou, China.
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‎A closed door meeting with Naccima and the Consul General took place yesterday, marking a significant milestone for Nigerian business representation in China.
‎Despite the large number of Nigerians operating in the city, many of whom are engaged in logistics, the Consul General, Ambassador Collins Onwueke observed that there has been very few formal Nigerian business presence or major investor in China.
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‎The Consul General commended NACCIMA for its active involvement, and  expressed gratitude to the NACCIMA President, Engr. (Dr.) Jani Ibrahim, mni, OON, for mobilizing a strong delegation, emphasizing that such visits will help expand Chinese understanding of Nigerian entrepreneurship and dexterity.
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‎In his remarks, Dr. Jani Ibrahim acknowledged the warm reception accorded to the Nigerian delegation by the Consulate General of Nigeria in Guangzhou, noting the Consul’s presence at the airport at his arrival as a gesture of partnership and goodwill. He commended the efforts of both teams in advancing Nigeria’s trade and investment agenda, describing the forum as “a timely step toward structured engagement between Nigerian and Chinese businesses.”
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‎Highlighting NACCIMA’s strategic focus, Dr. Ibrahim stated that the core of his mission is to “proactively connect Nigerian businesses to global opportunities,” with China, particularly the Guangdong province, being a key player in NACCIMA’s global trade strategy.
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‎He reiterated President Bola Ahmed Tinubu’s vision of a “private-sector-driven economy” , adding that NACCIMA’s role is to connect Nigerian entrepreneurs with international opportunities. “China has demonstrated focus, technology, and commitment. It’s time we move from a buyer–seller relationship to deeper collaboration,” he said.
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‎To this end, the NACCIMA President proposed a structured partnership between NACCIMA and the Nigerian Consulate in China which would include Regular delegation exchanges and curated business missions amongst others.
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‎Dr. Ibrahim further announced that NACCIMA would establish a dedicated China Relations Desk at its Secretariat to strengthen communication and follow-up on agreed initiatives. He also extended an invitation to the Consul General to attend NACCIMA’s upcoming Business Forum in Nigeria.
Online Poster by — November 5, 2025 in News
AICIF: Shettima, Metropolitan, Others Urge Africa To Leverage Islamic Finance For Inclusive, Sustainable Development

 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 investment
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
 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, Emir of Kano,  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 enterprises (SMEs) in underserved communities as a pathway to achieving shared prosperity and sustainable development.
Sanusi emphasized 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 underscored the need for Islamic financial institutions to go beyond conventional models by extending 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, have the courage 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.
Online Poster by — November 5, 2025 in News
NAICOM Launches NIIRA Implementation Working Groups To Advance Insurance Sector Reforms

 

From left: Mr. Ekerete Ola Gam-Ikon – Dep. Commissioner for Insurance Finance & Admin, Adetola Adegbayi, Mr. Shola Tinubu, Mr. Olusegun Ayo Omosehin- CFI, Dr. Yeside Oyetayo and Mr. Ajibola Bankole – Director Inspectorate

 

The National Insurance Commission (NAICOM) has taken a decisive step toward transforming the nation’s insurance landscape with the launch of a comprehensive Implementation Strategy for the National Insurance Industry Reform Agenda (NIIRA) 2025.

 

At a high-level Strategy Meeting held in Abuja, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, inaugurated three core working groups to drive the structured and coordinated execution of NIIRA’s objectives across the insurance value chain.

 

The NIIRA 2025 signed into Law earlier this year—sets out a holistic roadmap for regulatory reform, financial inclusion, digital transformation, and compulsory insurance enforcement. Its implementation aims to align Nigeria’s insurance industry with international standards while improving public confidence and economic resilience through risk protection.

 

Driving the NIIRA Vision

Speaking during the strategy session, the Commissioner for Insurance reaffirmed NAICOM’s commitment to ensuring that the implementation phase of NIIRA is inclusive, data-driven, and results-oriented. He emphasized that the strategy would consolidate ongoing reforms within the Commission and reposition the insurance industry as a key player in national economic growth.

 

“This marks the beginning of a coordinated journey toward achieving a stronger, more transparent, and technology-driven insurance industry. The NIIRA 2025 is not just a regulatory document—it is a blueprint for building an insurance sector that protects lives, businesses, and investments across Nigeria,” Mr. Omosehin stated.

 

He further underscored that the new working groups would serve as engines of reform, ensuring that critical policy objectives are translated into measurable outcomes.

 

Key Implementation Working Groups

Compulsory Insurance Working Group (with Mr. Shola Tinubu as Chairman)

Mandate: To strengthen the enforcement and adoption of all compulsory insurance schemes across the country, including Motor (Third Party), Builders Liability, Group Life, Professional Indemnity, and Public Buildings insurance.

Goal: To ensure nationwide compliance, improve public understanding of compulsory insurance, and enhance policyholder protection through active collaboration with federal and state enforcement agencies.

Expected Outcome: A structured framework for monitoring, enforcement, and periodic public awareness campaigns targeting institutions, professionals, and the public.

Digitization Working Group (with Adetola Adegbayi as Chairperson) (with Adetola Adegbayi as Chairman)

Mandate: To modernize the insurance regulatory ecosystem through innovative digital tools and platforms.

 

Key Objectives:

Enhance transparency, data integrity, and regulatory oversight.

Improve operational efficiency and reduce processing time for licensing, claims, and renewals.

Expand accessibility to insurance products through digital channels and mobile platforms.

Implement key digital transformation provisions of NIIRA 2025 (Sections 19–20 and 128) to foster innovation and cross-sector integration.

Expected Outcome: A more agile, automated, and customer-centric insurance environment that leverages technology to increase market penetration and trust.

Financial Inclusion Working Group (with Dr. Yeside Oyetayo as Chairperson)

Mandate: To deepen insurance penetration, particularly among underserved and low-income populations.

 

Focus Areas:

Expanding microinsurance and takaful outreach.

Collaborating with financial inclusion stakeholders such as the Central Bank of Nigeria (CBN), development partners, and fintech firms.

Implementing inclusive policy measures from NIIRA 2025 to ensure equitable access to risk protection.

Expected Outcome: Broader participation of the informal sector in insurance, contributing to national financial inclusion targets and household economic resilience.

 

Industry Commitment and Next Steps

The Commissioner commended stakeholders for their dedication and expressed confidence that the new implementation structure would fast-track industry-wide reforms. He highlighted that the success of NIIRA 2025 depends on active collaboration among regulators, operators, and consumers.

“This strategy represents a shared responsibility to deliver results that will redefine the perception and impact of insurance in Nigeria. We must all see ourselves as partners in national development,” he added.

Also speaking at the event, senior management representatives from NAICOM emphasized the importance of maintaining strong communication channels and measurable benchmarks. They reiterated that the Commission will continuously monitor progress, publish periodic updates, and engage with operators to ensure accountability throughout the implementation process.

 

The NIIRA 2025 Implementation Strategy signals a unified and forward-looking approach to reforming the insurance industry—anchored on transparency, innovation, and inclusion. By creating clear implementation structures and empowering the working groups to deliver actionable outcomes, NAICOM has reaffirmed its leadership and commitment to strengthening the industry’s contribution to Nigeria’s economic development.

 

The meeting concluded with a renewed sense of purpose and collaboration among participants, as the Commission continues to steer the insurance sector toward a more resilient, inclusive, and technology-driven future.

Online Poster by — November 5, 2025 in News