E-Financial
Al Baraka Banking Group Overhauls Islamic Core Banking Systems with iMAL

Path Solutions signed a strategic partnership agreement to revamp the bank’s core technology platforms in four locations with a shared ambition for rapid growth
Al Baraka Banking Group (ABG), a leading international Islamic banking group and one of the largest Islamic banking players in the world, today announced that it has opted for Path Solutions’ iMAL, the multi-award winning Islamic core banking system.
ABG runs a number of Islamic core banking systems. iMAL was selected to be the new Islamic core banking system in four of its subsidiaries, in addition to its newly established subsidiary in Morocco.
ABG’s decision to implement a new Islamic core banking system was threefold: The ability to meet its growth in areas such as Sharia and regulatory compliance; hence, the richness of iMAL and what it can offer on the Islamic level and the flexibility to launch new Islamic products quickly. iMAL is an upgradable solution which will enable Al Baraka to capitalise on the thousands of enhancements delivered every year based on industry best practices; and the company’s fast and cost-effective implementation approach and world-class support services.
The signing ceremony took place on the sidelines of the 24th General Strategy Meeting at ABG headquarters in Bahrain Bay on December 7th, in the presence of Mr. Adnan Ahmed Yousif, President and Chief Executive of Al Baraka Banking Group, Mr. Mohammed Kateeb, Group Chairman & CEO of Path Solutions, and the CEOs of the group’s subsidiaries and representatives from Path, during which Mr. Kateeb presented the future roadmap of iMAL and the company’s five-year strategic plan.
ABG is licensed as an Islamic wholesale bank by the Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. It is a leading international Islamic banking group providing its unique services in 15 countries with a population totaling around one billion.
On this occasion, Mr. Adnan Ahmed Yousif, President & Chief Executive of Al Baraka Banking Group said, “We clearly view this as a strategic initiative to address the bank’s new business requirements, adapt to dynamic market conditions and increasingly complex compliance mandates, and enhance our customer service. iMAL is at the heart of this technology-driven transformation strategy”.
ABG aims to foster its leadership internationally, leveraging cutting-edge Islamic platform to derive benefits through innovation and product differentiation, and expand its branch network and customer base.
Commenting on this strategic partnership, Mr. Mohammed Kateeb, Group Chairman & CEO of Path Solutions stated, “We are extremely pleased to expand our partnership with ABG, an organization with which we share a common objective of advancing Islamic finance worldwide. As Islamic banks across the world are having aggressive plans to increase market share through expansion, and extend their reach through digital transformation, a significant step to achieve these goals is by upgrading to a new core banking platform as aging legacy systems hinder Islamic banks from expanding and launching innovative products to the market”.
Mr. Kateeb continued, “We are delighted to extend our long-term strategic partnership with ABG. Throughout the years, we have built a working relationship based on trust. We are confident that this reinforced collaboration will allow us to better answer their growth aspirations. This strategic breakthrough will provide an excellent reference model for multi-subsidiary Islamic banking groups looking at replacing their legacy core banking systems with iMAL to drive cost reductions and to achieve business agility with a lower total cost of ownership. We look forward to supporting these four newly signed banks of ABG, and help empower them to achieve their full potential”.
ABG issued RFPs at the end of 2016 to find a replacement for their legacy Islamic core banking systems. Following a rigorous evaluation process, iMAL Islamic core banking platform was selected based on its broad Islamic coverage and technological strengths, being the perfect match for the group’s current and future requirements.
Path Solutions will install iMAL, including retail banking, corporate banking, finance, payments, digital channels, branch automation and administration, to support the growth strategy and expansion of each institution. Eight subsidiaries of ABG have chosen to go for iMAL in the pursuit of their growth plans, reconfirming the company’s dominance of the Islamic core banking software market, while leveraging on unparalleled breadth and depth of industry-specific solutions and services.
E-Financial
FG to Train 100,000 Youths Annually in Forex Trading and Financial Skills

Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with Investonaire Academy to train 100,000 young Nigerians annually in forex trading, financial planning, and risk management.
The agreement, signed in Abuja, was announced by Omolara Esan, Director of Information and Public Relations at the Federal Ministry of Youth Development. According to her, the initiative is part of the government’s broader strategy to reduce youth unemployment and enhance financial inclusion.
At the signing ceremony, Minister of Youth Development, Comrade Ayodele Olawande, described the partnership as a milestone in the ministry’s efforts to equip young Nigerians with practical financial skills. He emphasized that the programme would foster critical thinking, improve digital literacy, and expand access to global economic opportunities.
Speaking on the collaboration, Dr. Enefola Odiba, International Programme Director at Investonaire Academy, highlighted the importance of empowering youth with relevant financial and digital skills. He described young people as essential drivers of innovation and national development.
The ministry assured that the programme would be implemented with transparency and measurable outcomes, ensuring that participants gain practical expertise in forex trading and financial planning.
The Federal Government has recently intensified efforts to boost skill development across various sectors. A separate plan aims to train 100,000 artisans nationwide, following the successful upskilling of 29,000 individuals in previous phases. This initiative seeks to professionalize vocational trades, eliminate quackery, and introduce licensing systems.
Additionally, technicians from specialized institutions will receive industry-standard training to strengthen Nigeria’s labor force and increase self-reliance in skilled professions.
Through these efforts, the government hopes to position Nigerian youth for economic success both locally and globally.
E-Financial
NDIC Begins Final Settlements to Creditors of Liquidated Premier Bank

Nigeria Deposit Insurance Corporation (NDIC) has begun the final phase of liquidation for the defunct Premier Commercial Bank, initiating the payment of liquidation dividends to verified creditors, nearly 25 years after the bank’s closure.
Premier Commercial Bank had its operating license revoked by the Central Bank of Nigeria (CBN) on December 20, 2000, following findings of financial instability and regulatory non-compliance.
Since then, the NDIC has overseen the bank’s liquidation process under a winding-up order from the Federal High Court, which designated the corporation as the official liquidator.
In a public announcement, the NDIC invited all eligible creditors to visit any of its zonal offices between June 2 and June 27, 2025, to verify and claim their entitlements.
This move marks a critical milestone in the final settlement of claims related to the bank’s collapse.
To facilitate the verification process, creditors are required to present proof of deposit or shareholding, such as a passbook, chequebook, term deposit certificate, or bank statement.
Additionally, valid identification documents must be submitted, including a driver’s license, international passport, national identity card, NIN slip/card, voter’s card, or a formal identification letter from a traditional ruler or local government chairman.
The NDIC assured the public that the ongoing settlement is part of a broader effort to bring closure to longstanding claims resulting from Premier Commercial Bank’s liquidation. The process, according to the corporation, has been designed to ensure efficient disbursement to all verified stakeholders.
Premier Commercial Bank is one of 53 deposit money banks whose licenses were revoked by the CBN between 1994 and 2018 due to various violations and signs of financial distress.
These closures were followed by legal procedures appointing the NDIC to manage asset recoveries and creditor settlements.
By initiating this final phase of payment, the NDIC is reaffirming its commitment to financial system stability and depositor protection while calling on all affected individuals and institutions to complete verification processes promptly to receive their due compensation.
E-Financial
SEC Directs Companies to Honour Unclaimed Dividend Requests

Securities and Exchange Commission (SEC) has directed all public companies and Registrars to stop treating unclaimed dividends older than 12 years as “statute-barred”, especially those dating from before the enactment of the Finance Act 2020.
The directive reaffirms the provisions of Section 60 of the Finance Act, which mandates that dividends unclaimed for over six years be transferred to the Unclaimed Funds Trust Fund (UFTF), where they remain accessible to shareholders pending claims.
The Commission said that shareholders are entitled to continue to claim their dividends that are not statute-barred (that is not above 12 years) before December 31, 2020 “when the Finance Act 2020, came into effect.”
According to the SEC in a Circular, “The attention of the Securities and Exchange Commission has been drawn to the fact that paying companies and their Registrars have continued to treat unclaimed dividends of public companies that are older than 12 years as being “statute-barred” without recourse to the provisions of the Finance Act 2020.
“In response to various inquiries on the subject, the Commission hereby clarifies as follows: The import of the provisions of Section 60 of the Finance Act 2020 (December 31, 2020), is that, where dividends declared by a public company quoted on the Nigerian Exchange Limited remained unclaimed for a period of six years or more, such dividends are expected to be transferred to the Unclaimed Funds Trust Fund (UFTF) to be held in trust and managed pending when the shareholder presents a claim for such unclaimed dividends.
“Pending the setting up and operationalisation of the UFTF by the Federal Government, pursuant to its powers under Sections 3 (4) (e) and 93 of the Investments and Securities Act 2025, the Commission hereby directs public companies and their Registrars to continue to honour all requests by shareholders for the payment of unclaimed dividends as described above, with effect from December 31, 2020”.
The Commission therefore directed public companies and Registrars to effect immediate compliance with the directive and submit periodic reports on same in the manner prescribed in the Commission’s Rules and Regulations.
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