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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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Will new entrant, ESDIAC, ease Nigerians’ international call worries?

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By David Torough

After decades of frustration in accessing telephone services, Nigerians were relieved when in 2001, the then President Olusegun Obasanjo took a decision that would later transform the nation’s telephone landscape and connectivity ecosystem.

In January that year, the regulator, the Nigerian Communications Commission auctioned GSM licences.

It was a good business for Nigeria’s economy as the Federal Government racked in excess of $1.2 billon having sold the licences to MTN, Glo, Econet (Airtel) and Etisalat 9mobile) at $208 million each.

By May that year, Econet had made history as the company to make the first GSM call Nigeria with MTN following later in August before the indigenous Globacom (glo) and the rest joined.

At a public event in Lagos Obasanjo juxtaposes the pre-GSM torture Nigerians went through and what is obtainable today: “People had to queue at telephone kiosks to make calls. It was a far cry from the seamless communication we enjoy today but then came the mobile telephone revolution.

“Needless to say that mobile communication has become a powerful tool for liberating Nigerians from the shackles of the once powerful, but now extinct, national telecoms monopoly, popularly known as the Nigerian Telecommunication (NITEL); it has significantly contributed positively in boosting economic activities in all sectors in Nigeria,” said Prof. Abiodun Musa Aibinu, a mechatronic engineer at Federal University of Technology, Minna.

According to data released by Global System for Mobile Communications Association (GSMA) there are approximately 192.2 million active telephony subscriptions as of mid-2026, with national teledensity reaching around 86.6% of the population.

The GSMA intelligence further estimates total cellular mobile connections at about 183 million (roughly 74.9% of the population), with broadband subscriptions standing at at 123.1 million, translating to a broadband penetration rate of the population.

However, in spite of its success story, challenges remain as acknowledged by Aibinu.

“There is increasing poor quality of service experienced by subscribers which manifests in the forms of: call failure, call drops, and low received signal strength. These problems have continuously been raising a great deal of worries and uncertainty among the populace and the network providers,” said the scholar.

However, one silent but major challenge faced by telephone subscribers in Nigeria both in the past and now remains the high cost of international calls.

Available data shows that on a standard Pay as You Go (PAYG) tariff, the rates range for international calls from N30 to N1,500 per minute depending on the destination of the call.

Mr Austine Ugbebor, Chief Executive Officer of ESDIAC, an indigenous new entrant into the Voice over Internet Protocol (VoIP) calls market says the platform was designed to address the challenges of expensive international calls and limited connectivity options, particularly for people travelling abroad, with promised international calls of as low as N13.000

He spoke at the unveiling and media engagement on Friday in Abuja, ESDIAC which, he said, integrates Voice over Internet Protocol (VoIP) calling, electronic SIM (eSIM), mobile airtime and data top-up services.

It is an all-in-one mobile platform designed to make international calls more affordable and improve connectivity for travellers, businesses and Nigerians both in the diaspora and at home.

ESDIAC was registered in 2011, with first product inaugurated in 2016, with the company spending the intervening years developing its operational structures and securing regulatory and compliance arrangements ahead of its market entry.

“ESDIAC is an all-in-one solution, offering international and local calls, eSIM services and data packages through a single platform.

“With our platform, subscribers can make calls to Canada, United Kingdom, US, Germany, Australia for as low as N13.

“ESDIAC’s VoIP technology enables subscribers to call people who do not have the ESDIAC application or an internet connection, and calls can be made directly to regular telephone numbers,” he said.

He said the service also allows users to retain their phone numbers when making calls, making it easier for recipients to identify callers.

The CEO added that the platform provided mobile airtime and data top-ups, while its eSIM service enabled travelers to access connectivity in supported destinations without necessarily purchasing a physical SIM card.

He further said that the company was committed to offering affordable services and improving the calling experience by addressing connectivity challenges associated with internet-based communication platforms.

On concerns about tariff stability and consumer protection, the CEO said the company had adopted a policy of respecting subscribers’ money by avoiding hidden connectivity charges.

“Subscribers will not be charged additional fees merely for initiating calls, and unused balances will remain available to customers.”

He said subscribers who believed they had been wrongly charged could contact the company’s customer service team for investigation.

“If you are right and there is an error, we promise to refund your money,” he said.

The CEO said ESDIAC operated under the regulatory requirements of the Nigerian Communications Commission (NCC) and the Federal Communications Commission (FCC) of the U.S.

He, however, noted that changes in telecommunications tariffs could sometimes result from regulatory directives, adding that operators were required to comply with applicable regulations.

As the highest policy level, addressing challenges faced by Nigerians on international calls is a priority and the Presidency has thrown its weight behind the ESDIAC project.

Mr Tope Fasua, Special Adviser to the President on Economic Matters, Office of the Vice-President, described the platform as a promising development for Nigeria’s telecommunications sector.

Fasua said his experience with an expensive eSIM purchased during an international trip, which failed to provide connectivity across all his destinations, underscored the need for more reliable and affordable services.

He expressed hope that ESDIAC would provide better value to travellers through its services.

One major area of concern for Nigerians is data protection. There is no area this is concern is more pronounced than in the telecom sector where Nigerians share their data with either deliberately or otherwise.

The company’s Legal Adviser, Mr Aja Nwaani, has allayed that fear saying the protection of subscribers’ personal information was central to ESDIAC’s operations.

“ESDIAC has put measures in place to ensure that subscribers’ information are not improperly accessed, disclosed or used, including when shared with third-party carriers and service providers,” he said.

He said the company was committed to complying with the Nigeria Data Protection Act and applicable regulations, warning against the unlawful sale or misuse of subscribers’ personal information.

Mr Muhammed Sani, the company’s Human Resources representative, said ESDIAC was established to address the high cost of international calls and connectivity challenges confronting Nigerians.

Sani said the platform was particularly useful to travellers and Nigerians seeking to maintain affordable communication with family members and business associates abroad.

He added that the company’s business solution was also designed to support organisations requiring reliable communication services.

The ESDIAC is another bold step by an indigenous entrepreneur. It aligns with President Bola Tinubu administration’s commitment encouraging private sector investment in the telecom industry and offering Nigerian’s wider telephone options.

“Sustained investment in telecommunications infrastructure is essential to expanding broadband access, improving network capacity, and supporting businesses, education, and economic opportunities across Nigeria,” the President said at a recent public event in Abuja.

Tinubu said the initiative aligns with his administration’s commitment to encouraging private-sector investing, improving digital infrastructure and ensuring Nigerians benefit from more reliable and accessible telecommunications services,” the statement quoted him as saying during the event.

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AHF Launches Comic Book on Menstrual Health Education in Abuja

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From Attah Ede, Makurdi

The Aids Healthcare Foundation (AHF) Nigeria, has revealed that nearly 2 billion people menstruate, with 500 million experiencing period poverty globally.

The Foundation disclosed this during the unveiling of a magazine that focuses on the girl child’s menstrual education and hygiene in Abuja, Thursday.

The 26-page comic magazine, produced by the AHF, depicted the challenges that the girl child faces in Nigeria regarding menstrual education and the stigma attached to it in communities across the country.

The Foundation noted that one of the things needed to change the tide is the provision of easily relatable information that can attract attention of young women and girls.

It further stated that in many communities, taboos prevent open discussion about menstruation, limit access to accurate sexual and reproductive health information, and discourage people from seeking care.

Speaking during the event, Mr. Steve Aborisade, Senior Advocacy & Marketing Manager, AHF Nigeria, intimated that there is need to spread the awareness on menstrual education among the adolescence and young women in the country, especially with a view to removing the stigmatisation that has posed challenges to the campaigns over the years.

He insisted that addressing menstrual health must go hand in hand with efforts to normalize periods, which this book is set to achieve.

“This book takes readers through some salient issues in menstrual health management, particularly as it concerns access to accurate information and correcting the misinformation which is at the root of the stigma associated with menstruation in our society.

“The book provides the basic steps to keeping healthy and well during periods, while also making boys and men allies of menstrual health management.

“We reckon that the target audience for the comic magazine would find the message in it interesting and easily embrace it for their benefits and they too can help share the message accordingly,” Dr. Aborisade said.

The AHF Nigeria Country Programme Director, Dr. Echey Ijezie, who presided over the launch at the Abuja office, said efforts would be geared towards producing the magazine in many Nigerian languages in order to further broaden the core message to the targeted audience.

“It is imperative to ensure that our target audience are reached in no distant future. We would work with the Federal Ministry of Education and explore the outreaches to use them as education and awareness tools,” Dr. Ijezie said.

Mrs. Osaro Osa-Jarikre of the Child Development Department at the Federal Ministry of Women Affairs, who represented the Minister of Women Affairs, disclosed that the ministry would capture the AHF programmes in its elaborate policy to be launched soon, stressing that the ministry had found the foundation as a worthy partner in furthering the cause of the girl child in Nigeria.

“Our ministry has resolved to carry the AHF along in the various programmes we have designed for the girl child in Nigeria, and we are also ready to offer needed support to the foundation in its quest to upgrade the Nigerian young generation,” Mrs. Osa-Jarikre said.

Among those who attended the magazine launch include Dr. Charity Awunor, Nursing Manager, AHF; Dr. Ugochi Ajaero, State Clinical Coordinator, AHF; Binta Suleiman Jalo, Programme Officer, Kids & Teens Resource Centre, Abuja; Taiwo Ajani of the Lawyers Alert, Abuja; representatives of civil society organisations and members of the Girls Act.

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They Planted Juju in my Jacket at Davido’s House – Peruzzi

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Singer Peruzzi has narrated how a charm was planted in his jacket during his stay at Davido’s house.

Peruzzi was signed to Davido’s record label, DMW, in 2017.

Davido dissolved the label in April 2024.

However, discussing his experience during his stay at Davido’s house, Peruzzi narrated how a charm was planted in his jacket.

Speaking in a video interview online, he said, “I took a shower one evening, like at 6 pm. Just a shower and then went to go and meet them back downstairs because I was chilling there before I went upstairs in David house when I was still living there.

“And then I was done taking the shower. I go to my wardrobe to get my clothes, and then one of my jackets is just telling me, ‘Pull me, wear me, wear me, wear me.’ I don’t know how to explain it, but I was just having the urge to wear it.”So, I carry am (the jacket), and something just dropped inside, and when I looked, it was jaz, better juju inside my room. A jacket that just came from the laundry.”

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