The Securities and Exchange Commission (SEC) has pledged to deepen Nigeria’s non-interest finance market in partnership with Metropolitan Skills Limited and Metropolitan Law Firm, a move stakeholders have described as a historic step in positioning the country as Africa’s hub for Islamic finance.
The commitment was unveiled in Abuja on Saturday during the AICIF 2025 Pitch Competition, one of the pre-conference activities leading to the 7th African International Conference on Islamic Finance (AICIF) scheduled for November.
The event brought together regulators, innovators, investors, and entrepreneurs under the theme: “Africa Emerging: A Prosperous and Inclusive Outlook.”
Speaking at the event, Ummahani Ahmad Amin, Conference Chair and Chairman, Board of Directors of Metropolitan Skills Limited, said the collaboration would strengthen the foundation of ethical finance across Africa.
“Together, we are working to expand Islamic finance into the capital markets to create new opportunities for inclusive and sustainable growth,” she noted.
“Islamic finance is not just an abstract set of ideals. Its principles of fairness, risk-sharing, and social responsibility are practical tools for building economies that serve people, not just profits.”
For SEC, the partnership reflects its determination to broaden Nigeria’s financial ecosystem. Abdulkadir Abbas, Director at the SEC, said the Commission has already put in place a robust framework for non-interest capital markets.
“As regulators of the capital market, we are keen on developing all segments, including non-interest finance. We have frameworks that cover fintechs, crowdfunding, and even Sharia-compliant tokenisation,” Abbas explained.
“This partnership allows us to create awareness, attract innovators, and build a resilient, ethical finance system in Nigeria.”
Abbas further recalled the Commission’s 10-year master plan for non-interest finance, which is due for review this year, highlighting innovative products such as Sukuk bonds that have been used to finance multi-billion naira infrastructure projects.
Also speaking, Ms Yinlaifa Edolo, Managing Director of Metropolitan Skills Limited, said the N5 million prize offered at the pitch competition was more than just a reward.
“It serves as seed capital for transforming bold ideas into enterprises that can reshape entire industries,” she said.
“Our focus is to inspire startups, support small businesses, and show that halal and ethical finance can power inclusive growth in Africa.”
Backing this view, Abimbola Ajinibi, Regional Manager of First Trustees, said Nigeria’s Islamic finance market has made remarkable strides in the last decade.
“Ten years ago, there was little awareness about instruments like Waqf, Sukuk, or ethical crowdfunding. Today, we have federal and state Sukuk projects worth over a trillion naira financing roads, schools, and hospitals. We’ve moved from theory to real impact,” Ajinibi stated.
Industry experts at the event agreed that Islamic finance has the potential to tackle unemployment, poverty, and inequality in Africa while keeping economies competitive in global markets.
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