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
GOEs’ Remit Over ₦2tn to FG in 2024

Independent revenue remittance by the Government-Owned Enterprises (GOEs) moved from ₦200 billion in 2013 to over ₦2 trillion in 2024, Fiscal Responsibility Commission (FRC) confirmed the updated figure, on Wednesday.
FRC attributed the surge to collaboration between it and House of Representatives Public Accounts Committee (PAC).
Speaking at 2025 National Conference on Public Accounts and Fiscal Governance, held at the Transcorp Hilton, Abuja, Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, Esq however notes with concern persistent challenge despite achievements. He cited weak enforcement mechanisms, limited public awareness, and the slow domestication of the FRA at the subnational level as according to him, only 26 out of 36 states have adopted similar laws.
He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.
Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the exclusive legislative list. He urged federal and sub-national actors to align their fiscal policies under the renewed hope agenda of President Tinubu’s administration.
Muruako called on state and local government operators across Nigeria to adopt and fully implement fiscal responsibility laws in line with the federal framework.
The event organized by House of Representatives Public Accounts Committee (PAC), brought together key financial stakeholders to discuss strategies for promoting transparency and sustainable development in Nigeria’s public financial management.
He lauded administration’s of president Bola Ahmed Tinubu commitment to strengthening financial policies aimed at driving economic growth. He emphasized that states and local governments must “key into” the Fiscal Responsibility Act (FRA) to ensure fiscal discipline and alignment with federal financial standards.
Highlighting a critical legislative gap, Muruako noted that the FRA 2007 currently outlines 54 offenses but does not prescribe punishments for offenders. He called for the urgent amendment of the Act to include stronger penalties, thereby enhancing compliance and service delivery.
“The Act must be amended speedily for efficiency and to deliver real value to Nigerians,” he stressed.
He congratulated the PAC, led by Hon. Bamidele Salam, for hosting the conference, which he described as a pivotal step toward strengthening accountability in the public sector.
He advocated for the establishment of a National Fiscal Governance Framework to improve coordination and strengthen audit and oversight structures.
Muruako further underscored the need for strict adherence to constitutional provisions, particularly regarding public debt and borrowing, which remain under the Exclusive Legislative List. He urged federal and subnational actors to align their fiscal policies under the Renewed Hope agenda of President Tinubu’s administration.
Reaffirming the FRC’s commitment to advancing transparency and reducing financial leakages, Muruako pledged continued support to the PAC in institutionalizing sound public financial management practices.
He also congratulated the committee for securing Nigeria’s hosting rights for the 2025 West African Association of Public Accounts Committees (WAPAC) Annual Conference, describing it as a testament to Nigeria’s leadership in regional fiscal governance.
E-Financial
Union Bank Challenges High Court Ruling in Jimoh Ibrahim Case

Union Bank of Nigeria has reacted to the recent judgment delivered by Justice Abike Fadipe of the Ikeja High Court involving Senator Jimoh Ibrahim, NICON Investment Limited, Global Fleet, and the bank.
The bank expressed strong disagreement with the ruling and confirmed that its legal team has been directed to file an appeal immediately. It said the court’s position on issues such as debt consolidation, locus standi, and third-party liability contradicts existing legal principles and the bank’s understanding of the facts.
In a statement released by Mrs. Olufunmilola Aluko, Chief Brand and Marketing Officer, Union Bank reiterated that the relevant debt obligations had been transferred to the Asset Management Corporation of Nigeria (AMCON), adding that all actions taken were in line with the law and standard banking procedures.
Union Bank assured stakeholders, customers, and the general public of its continued commitment to ethical practices, legal compliance, and professional conduct. It said it remains dedicated to protecting stakeholder interests and upholding the integrity that has defined its operations for more than a century.
The bank concluded by thanking all stakeholders for their trust and support as it navigates the ongoing legal process.
E-Financial
PalmPay Expands Access to Digital Insurance Through Strategic Partnerships

PalmPay, a leading digital banking platform in Africa has announced the launch of strategic partnerships with top-tier insurance providers to offer accessible, affordable and simplified insurance products directly within the PalmPay app.
This initiative reflects the brand’s continued commitment to deepening financial inclusion and underscores its mission to improve the wellbeing of everyday Nigerians.
With only about 8.9% of Nigerians currently covered by any form of health insurance, the country remains one of the least insured populations in Africa. Barriers such as low awareness, affordability challenges, and trust issues continue to hinder broader adoption of insurance products.
PalmPay’s new insurance offering directly addresses these challenges by simplifying the purchase and management of insurance policies within the app. The PalmPay insurance feature is designed to make essential coverage, from health to device, and life insurance easily accessible at affordable prices, eliminating the traditional complexities often associated with insurance.
“Insurance is often perceived as complex or inaccessible, especially among underserved communities.” said Habib Kowontan, Head of Wealth Product at PalmPay. “Through these partnerships, we aim to break down those barriers by offering simple, reliable and affordable insurance options that are easily accessible within the PalmPay app.”
With over 35 million users across Nigeria, PalmPay continues to evolve as a smart, consumer-first digital banking platform. The integration of insurance services complements its growing suite of offerings, which includes transfers, bill payments, high-interest savings, and debit card services, making PalmPay one of the most comprehensive digital banking platforms in the African market.
“Our goal at PalmPay is to remove barriers and make essential services easily accessible to everyone,” said Mr Chika Nwosu, Managing Director of PalmPay. “Through these strategic partnerships, we’re expanding our services to be more inclusive and empowering our users with products that will positively impact their lives and finances.”
This rollout marks a significant milestone in PalmPay’s broader strategy to empower users with tools that enhance their daily lives. Building not just a payments app, but a smart and trusted financial partner for millions of Nigerians.
- Telecom2 days ago
NCC Wins Global ICT Award for Digital Awareness in Schools
- Broadcasting2 days ago
More Woes for MultiChoice as Ghana Orders 30% Price Cut
- News2 days ago
Nnamani, CEO Digital Realty Nigeria Bags Digital Economy Icon of the Year @ Digital Innovation Awards in Ghana
- News2 days ago
FG Says No Going Back to Nuclear Testing
- Broadcasting1 day ago
EFCC Re-Arraigns Echefu, TStv CEO for Allegedly Defrauding Ex-Minister of N1Bn, $1.3m
- E-Financial2 days ago
Ascensia Finance Commences Operations in Abuja
- News2 days ago
DICON, Saudi Firm to Produce Drones, Satellites in Nigeria
- News2 days ago
NIPOST to Crack Down on Criminal Courier Operators