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Nigeria’s Non-interest Capital Market Now Worth N1.6trn – SEC

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By Tony Obiechina, Abuja

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 N1.

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 N1.4 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 to 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.

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Military Neutralises Scores, Rescues 318 Victims as Armed Forces Intensify Nationwide Operations

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By David Torough, Abuja

The Armed Forces of Nigeria (AFN) says its troops recorded major breakthroughs across all theatres of operation in November, neutralising scores of terrorists and other criminal elements, arresting dozens of suspects, and rescuing 318 kidnapped victims nationwide.

Director of Defence Media Operations, Major General Michael Onoja, disclosed this during the Defence Headquarters’ monthly press briefing on ongoing military operations.

He said the operations targeted terrorism, banditry, kidnapping, separatist violence, oil theft and maritime criminality across the country.

According to him, more than 69 terrorists and their family members surrendered to troops during the period under review, while intensive ground, air and maritime operations degraded several criminal networks in the North East, North West, North Central, South East and South South regions.

General Onoja noted that the AFN also foiled oil theft valued at N217.6 million, destroying 16 illegal refining sites and recovering over 289,000 litres of stolen crude and illegally refined products.

North East Operations
Troops of Operation HADIN KAI sustained pressure on Boko Haram and ISWAP terrorists across Borno and Adamawa states, carrying out aggressive clearance operations supported by close air support missions. Several terrorists were neutralised, six informants arrested, and five kidnapped victims rescued. Weapons, vehicles and motorcycles were seized, while terrorist camps were destroyed.

North West Operations
Under Operation FANSAN YAMMA, troops conducted offensive operations across Zamfara, Katsina, Sokoto, Kano, Kebbi and Jigawa states. Numerous terrorists were neutralised, 13 suspects arrested, and nine kidnapped victims freed. Air strikes on terrorist enclaves in Kankara and Faskari LGAs of Katsina State eliminated scores of fighters and destroyed their logistics bases.

North Central Operations
Troops of Operation ENDURING PEACE and Operation WHIRL STROKE recorded significant gains across Plateau, Kaduna, Benue, Nasarawa, Taraba, Kogi and the FCT. Across these missions, dozens of extremists were neutralised, 48 suspects arrested, and 30 kidnap victims rescued. Arms, ammunition, vehicles and motorcycles were also recovered.

South South Operations
Operation DELTA SAFE troops uncovered and destroyed four illegal refining sites and arrested 25 suspected oil thieves in Bayelsa, Delta, Imo and Rivers states. They also recovered 12,390 litres of stolen crude and AGO during the week, while offensive and air reconnaissance operations neutralised several other criminals.

South East Operations
In the South East, Operation UDO KA troops sustained offensive operations across Enugu, Ebonyi, Abia and Cross River. Several terrorists were neutralised, four arrested, and four kidnapped victims rescued. Air interdiction missions in Ezeagu LGA destroyed terrorist hideouts and logistics.

General Onoja commended the bravery and professionalism of troops and urged continued public cooperation through the provision of credible information. He also called for support for the Armed Forces Remembrance Day emblem launched by President Bola Tinubu on December 2.

He assured Nigerians that the military is intensifying efforts to ensure the safe rescue of all remaining abducted students, reaffirming its resolve to restore peace and security across the country.

“Despite the challenges, our operational tempo remains high. We continue to operate within the ambit of the law and are committed to ensuring that every part of Nigeria enjoys peace and freedom from fear,” he said.

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Security Expert, Jackson Ojo, Calls for Resignation of Matawalle

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…Says He Can’t Work as Team Member with Chris Musa

By Mike Odiakose, Abuja

Following the resignation of Minister of Defence, Mohammed Abubakar, an internationally acclaimed Nigerian security expert, Dr Lekan Jackson Ojo has called on Minister of State (Defence), Bello Matawalle.

Dr Ojo declared that Matawalle, just like the immediate past Minister of Defence, has not shown that he is capable of handling the responsibilities of the office he is presently occupying.

He stressed that Matawalle has been very dormant since his appointment and has exhibited poor response to security challenges in the country.

“I think Matawalle should also follow immediately, that is the Minister of State for Defence.

These two persons are not relevant, they ran their states aground as governors.”

Dr Jackson Ojo also called on President Tinubu to appraise members of his Cabinet and sack those that are not performing optimally.

“They came to the federal level and were honoured with positions of Minister of Defence and Minister of State. What has been their contributions to the administration?”

He also raised issues about the appointment of General Chris Musa as the new Minister of Defence, stressing that there could be conflict of interest since the new Defence Minister was once answerable to Matawalle when he was Chief of Defence Staff (CDS).

“Minister of Defence is gone and I think Matawalle should follow. If Mr President should continue like this there are lots of others we will suggest he should fire them.

“He should bring in technocrats into his cabinet and not politicians. Congratulations to Nigerians that one is gone and more will still follow.”

“I want to congratulate Nigerians that former Minister of Defence, Badaru, has resigned, whether he resigned of was booted out. He was of no positive impact on Nigeria as a Minister of the Federal Republic of Nigeria. The office of Minister of Defense is a very sensitive one because without a good defence minister nothing will thrive.

“The position is occupied now by an experienced retired four-star army general, Chris Musa

“What is Bello Matawalle who was the Minister of State under Badaru still waiting for, is it until Mr President boots him out?

“Both of them did not achieve anything in office as My Minister and Minister of State.

“Recently we saw a video that went viral where Matawalle said verbatim that not all bandits are criminals. If somebody is saddled with the responsibility as Minister of Defence and he is having sympathy for some bandits it means Nigeria was almost doomed.

“There are lots of allegations by bandits that he was one of their sponsors. Let’s not take that on the face value because it can be political but this about having sympathy for bandits, coupled with the fact that both of them failed woefully and both of them should bow out.

“Pairing Matawalle and General Chris Musa together is like addicting pass and fail together – it won’t blend. The two of them cannot co-travel well at the Ministry of Defence.

“The two of them don’t have equal knowledge about defence matters. While General Chris Musa has vast knowledge of defence, Matawalle has no knowledge of defence.

“Chris Musa is an experienced man, we know him well but how can he pair with someone that has sympathy for bandits?

“So Matawalle should honourable bow out and if he fails to bow out Mr President should kick him out.”

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SON, MSN Partner to Ensure Mycotoxin-free Agriculture

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The Mycotoxicology Society of Nigeria (MSN) in collaboration with the Standards Organization of Nigeria (SON) has moved for the detection and early prevention of mycotoxins in Nigeria’s agro-produce.

Farmers and agriculture stakeholders were educated on risk management of mycotoxins at the NSN 18th annual conference hosted by SON recently in Lagos.

The annual conference had the theme: “Mycotoxins in a Changing World: Risk, Management and Innovations.

Mycotoxins are toxic chemical compounds produced by certain molds that can contaminate food and pose serious health risks to humans and animals.

Common examples include aflatoxins and fumonisins, which can be found in cereals, nuts, and dried fruits.

Its exposure can occur through ingestion, inhalation, or skin absorption, leading to a range of health issues from acute illness to long-term effects like cancer.

Speaking at the conference, the MSN National President, Prof. Yemisi Jeff-Agboola, represented by Dr Danladi Abba, MSN Vice President (North), noted that all hands must be on deck to address the menace.

“This gathering is more than an academic event. It is a historic, convergence of science leadership and collective responsibility for the health of our nation and our continent.

“These subjects; climate change and emerging mycotoxin risk in food and meat are determining environmental realities reshaping fungal ecology and mycology profile,” Jeff-Agboola said.

He said advances in mycotoxin detection monitoring and surveillance system exploring, tools and technology would ensure faster and more reliable data for decision making.

According to him, step up in regulatory standard, policy and communication reflecting on how laws, guidelines and communication strategies can protect the population and market from mycotoxins.

“Innovative strategy for mycotoxin indicator in the agricultural value chain helps us in practical intervention and reduce contamination.

“Our research in climate change and emerging mycotoxin rates in food and feet is not merely academic. It is existential.

“We are the watchmen standing watch over the safety of our food system in an increasingly unstable war transition,” Jeff-Agboola said.

On his part, the Director-General and Chief Executive Officer, SON, Dr Ifeanyi Okeke represented by Mrs Talatu Ethan, the Director of Corporate Affairs, reiterated the organization’s continuous support to ensure food safety in the country.

“This gathering is another labyrinth gathering of scientists, regulators and professionals committed to ensuring food safety, protecting public health and strengthening our nation’s trade and competitiveness.

“This year’s theme, which is particularly relevant for our national context, captures the intricate relationship between food safety, public health and economic development.

“We must emphasize the ultimate need for effective management of micro therapy contamination in food and agricultural produce.

“For a developing economy like ours, where agriculture remains a big pillar of our livelihood and exportation, addressing the menace of mycotoxins most especially, not only for protecting consumers, but also for enhancing the global acceptability of Nigerian agro products.

“As the national standard body, SON is deeply invested and interested in this mission.

“We will continue to work closely with relevant institutions to develop and implement standards that support food safety, good agricultural practices and value additions across the agriculture value chains.

“Through laboratory testing, certification and conformity assessment programmes, we help to ensure that Nigerian products meet both local and international standards, thereby contributing to food security, improving public health and enhancing trade outcomes,” Okeke said.

He also commended the MSN for its advocacy on ensuring food safety in the country.

Also in her keynote address, MSN board of trustees member, Dr Folashade Oluwabamiwo, called for collective responsibility in tackling emerging mycotoxins in Nigeria’s agriculture space.

Sakin Agbayewa, the Deputy Chairman All Farmers Association of Nigeria, urged all farmers present to make good use of the opportunity the work presented to them.

“This very topic cannot be overemphasized. It is topical, it is a burning issue, and it is key.

“We need to be alive to enjoy the fruits of our labor and we need to eat healthy to stay right, or we eat right to stay healthy.

“What will it profit us, after all the farming and everything, I will now spend the bulk of that money on health issues in hospitals.

“Even for Nigeria, it is not safe because the health issues are already overstressed, so we should not have more health issues due to mycotoxins.

“I urge all farmers here to listen and learn from what they will be teaching us today, so that we can apply them in our farming practices,” Agbayewa said.

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