E-Financial
SEC Targets N5trn Capitalization for Shariah Products by 2025

Mr. Lamido Yuguda, the Director General, Securities and Exchange Commission (SEC), in Abuja said that the revised edition of the Capital Market Master plan (2021 – 2025) that was recently launched has a projection of 50 listings of Shariah-compliant products with a market capitalization of at least N5 trillion by the year 2025.
Yuguda, who was represented by the SEC’s Executive Commissioner Operations, Mr. Dayo Obisan at the opening of a three-day capacity-building workshop for local Shariah talent for Non-Interest Capital Market, said that the Non-Interest Capital Market (NICM) also has the following new targets: ensuring 100 retail Shariah-compliant products; and projection of 1 million or more direct investors in Shariah-compliant products with at least N5 trillion investment by institutional investors in Shariah compliant products.
Yuguda noted that with these new responsibilities, promoting capacity-building programmes, such as the Workshop, on Shariah-compliant processes and products (Regulators and Operators) has become necessary for the NCIM.
He said the Commission, in recognising the potentials of the Non-Interest Capital Market for economic growth, dedicated a component in its ten-year (2015-2025) Capital Market Masterplan for the speedy development of the Market in the Financial system.
Specifically, Yuguda said the Masterplan provides clear Strategic Objectives for the development of the Market, one of which is the “encouragement of the development of stakeholders for the Market” and today’s workshop is evidence of the realization of this particular objective.
The stride and significant achievements recorded by the Masterplan he said, is evidenced by the last ranking of Nigerian Islamic Finance in 13th place on the global Islamic Finance Development Indicator 2021, with the assets under Management valued at N2.30 billion; which is higher than countries like Bangladesh and Turkey.
“As you may be aware, the major difference between Conventional Finance and Non-Interest Finance is the application of Shariah principles. This simply means that Non-Interest Financial Market cannot exist without experts in Islamic commercial jurisprudence (FiqhulMu’amalat Al-Maliyya).
Therefore, this Workshop will help in fast-tracking the development of experts for the Market. We believe that it would be a magic lamp for developing our local Sharia talent, not only for Nigerian Capital Market but for the Nigerian Financial system in general.
“The level of activities in the Non-Interest capital market that we are currently experiencing in Nigeria affirms the overwhelming acceptance of NICM products by the country’s populace. This shows a strong appetite for other alternative forms of investments.
Recently, the Market witnessed the entrance of institutions offering Non-Interest capital market services/products and the oversubscription of the FGN and corporate Sukuk, further buttresses the need for this workshop to encourage the development of Shariah experts for the Market.
The DG said the workshop is aimed at exposing participants who have the potential to provide Shariah advisory services for the Islamic Finance Industry, particularly the Non-Interest Capital Market’s operations as it relates to Shariah principles and rulings. It is also planned to be in two levels, Level 1 and 2.
He stated that Level 1, is focused on the basic areas of Financial Market Structure and Operations of the Capital Market, Shariah principles and contracts relating to Non-Interest Capital Markets as well as Shariah issues relating to the operations and businesses of the Market, among others while level-2 which will address the operation of the Sukuk and Equity Markets.
The SEC Boss said NICM has so much potentials in the country by attracting an untapped investor base who appears indifferent to conventional instruments, to participate in the capital market as well as the existing investors to diversify to ethical and socially responsible investments.
“We believe that developing Shariah talent through a Workshop like this, is another opportunity of creating awareness for the Non-Interest Capital Market products and services which in turn will facilitate the Financial Inclusion drive in the Nigerian Financial System.
“I am happy to note that the Commission recently exposed registration Rules to set a minimum standard for corporate or individuals seeking to provide shariah advisory services for Non-Interest Capital Market activities. This is to further encourage and attract the attention of qualified persons and entities to engage in the Shariah advisory function for Non-interest Capital Market.
Yuguda expressed the confidence that the participants will benefit from the vast knowledge and experience of the facilitators, which will bring about a much-needed impact on the participants and the market in general
E-Financial
UBA Expands to More African Cities, Stamps Footprint in Saudi Arabia

United Bank for Africa (UBA) has announced strategic expansion into more African countries even as it plans to open a new office in Saudi Arabia, marking a significant milestone in its mission to connect Africa with key global markets.

Oliver Alawuba, GMD/CEO, UBA group,
This emerged during the Group’s Half Year Business Review held at its global headquarters in Lagos, where Oliver Alawuba, group managing director/CEO, UBA group, met with senior executives overseeing UBA’s 24-country footprint.
The meeting reaffirmed the bank’s pan-African strategy while outlining bold new steps into global markets.
Alawuba highlighted UBA’s continued growth outside Nigeria, with more than 51.7% of Group revenues now generated from its ex-Nigerian operations.
He described the Saudi expansion as a move that positions UBA to support cross-border trade, attract investment flows, and better serve the African diaspora.
“UBA’s vision is clear—we are building a truly global institution anchored in Africa, but serving customers across continents. Our entry into Saudi Arabia signals confidence in new opportunities and commitment to supporting economic connectivity between Africa and the Middle East,” he said.
The Saudi expansion adds to UBA’s international presence, which currently includes the United Kingdom, United States, France, and the United Arab Emirates. Alawuba also disclosed that the bank is upgrading its operating licence in France to further strengthen its European operations.
“In Europe, UBA has operations in the United Kingdom and is upgrading its licence in France, expanding its capacity to serve cross-border trade, investment flows, and the African diaspora, complementing our over 40-year presence in New York,” Alawuba noted.
Since launching its pan-African journey with an entry into Ghana in 2004, UBA has expanded rapidly across 20 African countries, establishing itself as a leading driver of financial inclusion, innovation, and regional integration.
E-Financial
Ecobank Plans to Raise $250m Capital Through Private Placement

Ecobank Transnational Incorporated announced its plan to raise up to $250m in Additional Tier 1 capital through a private placement of contingent convertible notes.
In a statement filed on the Nigerian Exchange Limited recently, the capital raise was approved by shareholders at the company’s Extraordinary General Meeting held in Lomé, Togo. The private placement offer was launched on July 9 and will run for ten days.
“Following the approval of the shareholders at its Extraordinary General Meeting held on May 28, 2025, in Lomé, Togo, to raise up to $250m in additional Tier 1 capital qualifying instruments via a private placement of contingent convertible notes, Ecobank Transnational Incorporated announces the launch of the AT1 effective July 9, 2025, for ten days. Renaissance Capital Africa has been appointed as the transaction adviser to ETI.”
The move is an initiative aimed at strengthening Ecobank’s capital adequacy, enhancing financial resilience, and supporting its long-term growth ambitions across its diversified pan-African banking platform.
Additionally, Madibinet Cisse, Ecobank’s Company Secretary, said, “This proposed capital raise represents a critical step in our efforts to fortify the bank’s financial foundation and support sustainable growth across Africa.”
It would be recalled that Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has raised an additional $125m through a Eurobond tap, bringing the total size of its 2029 notes to $525m.
E-Financial
EFCC Recovers Funds Lost to CBEX Fraud

Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has announced that the body has recovered lost funds from the CBEX fraud scheme.
Olukoyede did not announce the amount recovered, but he assured Nigerians that the EFCC is taking action against the promoters of the scheme.
The EFCC Chairman emphasised that the suspects found are facing prosecution.
“We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested. So, at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it,” he said.
Olukoyede also urged Nigerians to exercise caution when investing their resources into online platforms.
“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors. The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable. Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.
He also stressed that the body remains committed to fishing out the culprits and recovering the lost funds.
“It was only when the bubble burst that people wanted EFCC to perform magic and recover their money. In the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. I want Nigerians to know that as of today, we have secured close to 150 convictions. Some of them are already serving their jail terms. And when they are through with that, we are going to send them back to where they came from. So we are monitoring them,” he added.
He urged the public to stay vigilant, assuring them that the body will see the case to the end.
“We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish. Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task,” he said.
- E-Financial3 days ago
GOEs’ Remit Over ₦2tn to FG in 2024
- News2 days ago
Check Point Report Finds Africa as Top Target for Cyber-attacks
- Telecom3 days ago
Save & Win: FCMB Promo Makes 12 Millionaires, Over 3,000 Winners
- Telecom3 days ago
MTN’s Karl Toriola and Business Leaders Champion Corporate Climate Reform
- News2 days ago
JAMB Accuses Student of Securing Admission through Identity Fraud
- General News3 days ago
Senate Orders Full Probe into N1.3 Trillion CBEX Ponzi Scandal
- E-Business3 days ago
NITDA Reaffirms Commitment to 95% Digital Literacy by 2030, as UBEC Pledges Collaboration
- General News3 days ago
UpSkill Universe Launches ‘Skills for Business’ to Empower 10,000 African SMEs, in Collaboration with HP and Google