During the week, Nigeria’s Vice President Kashim Shetima, made waves across the media when he gave the leader of the United Kingdom Conservative party, Kemi Badenoch, an uppercut.

Recall that before Badenoch got to the position as the leader of the UK Conservative Party, she had described Nigeria as socialist nation brimming with thieving politicians and insecurity. She also talked about “growing up in a place where fear was everywhere. You cannot understand it unless you’ve lived there. Triple checking that all the doors and windows are locked, waking up in the night at every sound listening as you hear your neighbour scream as they are being burgled and beaten and wondering if your home will be next.”

So, while responding to Badenoch’s thoughts about the country during an event, Shetima criticised her for always ‘denigrating’ Nigeria, suggesting that she could remove the ‘Kemi’ from her name if she wanted.

Well, Badenoch has responded to Shettima after he criticized her for ‘denigrating’ Nigeria. Her Spokesperson said Kemi stood by her statement and was not interested in laundering the image of Nigeria.

The gbas gbos has pulled thousands of reactions from Nigerians who expressed divided opinions on the matter. When the issue came up on Arise TV’s programme on Thursday, Ojy Okpe questioned why “there is an issue when people in power be it Kemi or Davido come out to denigrate Nigeria, then it becomes a huge conversation.”

A netizen, Oluwaseun Ajede’s comment was first read out before the floor opened for discussion. He wrote, “The truth often hits the wrong side here. Speaking truth is always labelled as denigrating the country. It’s impossible to repackage what inherently cannot be packaged. Shettima and friends should fix up”

Then, the crew dug up three promises made by Badenoch a few years back about how she intended to help Nigeria out of her misery. So, I ask, what changed? Is Nigeria worse off now that warranted opinion change? Did Badenoch say the truth about Nigeria’s sad situation or was she just playing politics? Is she supposed to just maintain the flow and not openly criticize her land of birth for patriotism sake? Let’s keep reading.

While explaining that there was crime all over the world including on the streets of UK, Rufai Oseni maintained that the sad situation that Badenoch tried painting was not exclusive to Nigeria. According to him, “Kemi is simply playing politics and I’m shocked that people can’t see through all of this. Kemi is just a bloody hypocrite. Is Britain not a socialist nation? Do people go out and work in Britain, don’t they live on welfare? So, what’s the problem? She is just a social climber and has been able to use this narrative. Why not also blame the rightwing nationalists who are causing chaos in England? Do you see how the rightwing nationalists assault people, racially abuse people and cause riots?”

Dr Reuben Abati takes it from another angle. “There’s something called group psycho analysis- meaning all of us should take one position and then the other who is different in terms of opinion is demonized. So, people will always have different opinions. We thank God that there are many others who are abroad and are still proud of their country.”

Dr Abati stated that the main focus now should be on how “We take this as a challenge to make our country better such that our children who relocate abroad who choose another aspect of their nationality will not look back and talk down on their country. This is a great country as the vice president pointed out but we need to be in a situation where we will be very proud of this country.” That’s a good one from Dr Abati.

By implication, so many netizens who commented on the programme, fully supported Dr Abati’s opinion. Take a look at a few of their comments.

@chukwuemekaehumadu3138 wrote, “Kemi is simply encouraging us to repair Nigeria. Simple!”

@tyy5557 commented, “Kemi Badenoch has the right to her own opinion. Shettima and his corrupt group should fix the problems in Nigeria.”

@augusttineeze-t8p reacted, “whoever said the Nigeria system is okay, let his family be like the Nigeria system.”

@chuksteve-live also on X wrote, “Kemi has spoken the mind of the ordinary Nigerian citizens.”

@Amadinkennedy responded, “Kemi is not talking down on Nigeria as a country. She is only putting Nigeria politicians on a high jump to do the needful.”

@angelicakweku5293 wrote, “The beautiful, brilliant Kemi should not give these ignorant, greedy, selfish politicians relevance.”

@amaka8086 simply wrote, “Kemi Badenoch was not lying.”

@justinalaeto5482 wrote, “Tell Shettima to stop his brothers from terrorising Nigerian people and leave Kemi alone.”

In a very long response, @chinoouzodinma wrote, “Kemi Badenoch is actually within her rights to describe Nigeria for what it is. Pride for our country does not mean blindness to a point where we cannot criticize the madness in the country. On the contrary, having a passion and true pride for our country should in fact, be a driving force to call out things as they are. A country rich in oil yet, poor to the letter…”

A rancorous scene occurred at the premises of the Cherubim and Seraphim Church, Ona Iye Parish in the Iloye area of Sango-Ota, Ogun State penultimate week as a commercial driver swathed by his family members and associates clashed with the pastor and founder of  the church, Prophet Abiodun John, in a scandalous paternity row.

The driver, Badiru Folarin, who is the husband of a female church member brought to the church for spiritual healing, screamed that the pastor claimed ownership of his four-year-old child after he caught him having an illicit affair with his wife, Morufat.

Folarin claimed the pastor’s sexual escapades with his wife was revealed by his 14-year-old son, Saheed, who told him that his mother was always visiting and cooking for the clergyman while he was away and that the cleric in turn visited their home at odd hours.

He said: ”The pastor claimed that my in-law had given my wife to him as his wife. However, the question is, can a woman be given to two men as wife?

”The pastor confronted me to my face that he is the biological father of our last child, a four-year-old. Yet my wife rained curses on me, saying that Ogun (Yoruba god of iron) should strike me dead so she can enjoy her benefactor.

”I am a driver. I never enjoyed my wife at home. She was always away to church for several days in the guise of vigils and special spiritual protection. My mother-in-law was disturbed about my wife’s continuous absence from home under the pretext of participation in church activities.”

Amid the yelling, screaming and cacophony of noise at the scene, Morufat told her husband’s family members and bystanders that she was not in the least prepared to leave her husband, although she conceded the paternity of the child in question to the embattled pastor when asked to choose between the latter and Folarin.

She said: ”No one should blame me for what has happened…and If you all must know, I cannot be married to two men in my life…but my husband is not ready to take care of me, he is a shameless man…I will deal with him when we return home.”

Folarin, however, retorted: ”You cannot come back to my house…anything can happen to you if you come back to my house.”

Recalling how the messy affair between the pastor and her wife began, the father of six said he did not believe that the clergyman was having an affair with his wife when neighbours alerted him until his son tipped him off that his wife was having a tryst with the cleric at his house within the church premises.

Folarin said: ”I did not realise that the pastor was sleeping with my wife.

“I am a Muslim while my wife is a Christian. She was having some spiritual attacks and went to the church for deliverance.

“Suddenly, she started frequenting the church, and when I heard that she was having an affair with the pastor, I confronted her but she denied it.

”She would send my children to me for upkeep while at the church and I usually sent money to her, not knowing that she was using my money to prepare meal for her pastor-lover.”

”The pastor knows me very well. He had even given me some spiritual items for use that would attract fortune, but my transport business witnessed a reversal of fortune instead.

”I have been married to Morufat for more than 30 years and our first child is 30 years old. I was giving her about N6,000 every day for upkeep.

“When I got home a few days ago, she rained curses on me. Her action got my 14-year-old son, Saheed, angry, and he opened up that his mother had been flirting with the pastor to the extent that she was cooking for the cleric with the money I have been giving her as daily upkeep.

“My son said his mother had just returned from the church where she took food to the pastor shortly before I returned home on that day.

”The pastor told me to my face that he is the biological father of my last child, a daughter (Alimot).

“I gave my wife the sum of N68,000 when she was pregnant with our last child, but she gave the money to the pastor and relocated to the church for several months under the pretext of seeking spiritual protection.

“Along the line, we had accommodation problem, and that was when I gave her money for a new accommodation. Instead, she spent the money on her lover and later claimed she was sick and that she used the money for treatment.

”Again, I got some money and got another apartment for her at Plaza area in Sango-Ota despite her insistence that she did not want me to get another accommodation.

“I warned her against having any close affair with pastor and asked her to stay in the new apartment.  

“Surprisingly, she complained she did not like the fact the apartment is in a one-storey building.

“I would give her N3,000 in the morning and N3,000 in the evening because I usually left home around 5 am to take early turn to pick passengers at the motor park.

“Last week, my son told me that his mother had been with the pastor’s house for four days. I stormed the place and I was shocked to find them together in a room half naked.

“The pastor tied a towel around his waist while my wife also tied a piece of cloth around her waist while she pushed two of my little children to play outside the room.

”She started abusing me and calling me all sort of names. I reported the affair to my wife’s uncle and the old man slapped the pastor for luring my wife to bed to the extent of impregnating her.

“We tried to take my children away from her but she bit off my hand while the pastor claimed that he is the father of my last daughter, who is my sixth child.

“The pastor told all of us at the scene that he is the biological father of my daughter and that I cannot take the girl away from him.

“My wife said she was not ready to leave me and that she cannot also leave her pastor-lover. 

“I later discovered that she had aborted a pregnancy for the same pastor some years ago.

“I cannot take my wife back and because the pastor has vowed to deal with me.

“I have 13 siblings and only three of us are the surviving children of my parent.

“I don’t want the pastor to kill me. Nigerians should save me from the ruthless pastor.”

Speaking with our reporter, Saheed, Folarin’s son, who allegedly exposed his mother’s illicit affair with the pastor, said his mother threatened to poison him for exposing her affair with the pastor.

”My mother threatened to poison me for exposing her escapades with the pastor of our church to my father.

“She called me an unfortunate child for telling my father that she even cooked for the pastor.

“I know she attacked me because I knew too much about her secret affair with the pastor.”

Giving his own side of the story, Pastor John explained that he is the biological father of Morufat’s sixth child.

He said he had been having an on and off affair with the woman in the last 20 years.

He said: ”My name is  Prophet John Abiodun, the founder and pastor of Cherubim and Seraphim Church, Orisun Iye Parish.

“I have been dating Morufat for about 20 years now. She told me that her husband abandoned her with two children.

”My church was formerly located in the Ijamido area of Ota before I moved it to Iloye area of Sango-Ota.

“Morufat came to my church about 20 years ago with two young children, Serifat and Saidat, for deliverance and spiritual protection.

“When I noticed that she did not leave after some time, I asked her to bring any of her family members.

”She later invited her aunt called Mama Lekan, who frequently visited her at the church.

“She stayed with me in the church for about six months, during which we started an affair.

“She later left and I did not see her again until about a year later.

”By the time she returned to my church in 2004, she was already pregnant for her husband.

“I reprimanded her for getting pregnant for the same man she had claimed was irresponsible.

”She said her husband had abandoned her again and bolted with a widow.

“I took her to a hospital when she went into labour and carried out special prayers for her and she was safely delivered of the baby. Afterward, I did not see her again.

”I ran into her again when I was supervising the construction of my new church building in the neighbourhood of the apartment where she lives with her husband.

“She later ran to me when she was owing a lender, and that was when we reignited our affair.

”She had a disagreement with her husband and said she was no longer interested in her marriage.

“She said she would have left her husband a long time ago but for her mother’s insistence that she must not leave her husband. By that time, she already had five children.

”My affair with her and the controversial pregnancy led to the separation with my own wife who could not stand it and left me about three years ago.

“Morufat’s mother knows that I am the real father of the baby, and I struck a deal with her mother who was accompanied to my home by one of her friends that I would come back for my daughter when she is 10 years old.

“It was during the discussion that my wife overheard that I was responsible for Morufat’s pregnancy, hence, she quit our marriage.

“It is a pity that Morufat’s mother is not here. I would have challenged her to say the truth.

”I took her(Morufat) on my motorcycle to the hospital when it was time to deliver the baby.

“I paid for her delivery at the hospital, although I heard that her husband had given her the delivery money too before she was discharged from the hospital.

 “I was not the one that buried the baby’s placenta: her husband did. However, I am sure that I am the biological father of the girl.”

Prophet Abiodun boasted that he is not ashamed to affirm his affair with Morufat and that she was impregnated by him.

”I can boldly say that I was responsible for the training of some of her children in vocations.

“The husband was not responsible for the upbringing or naming of any of their children.

“Morufat ran to me one day and had a clash with my wife, and that was when my wife took the final decision to leave me.

”I cannot be ashamed to say it anywhere, any day, even it is on a radio programme.

“I named the girl Bose because she was born on Sunday, while her husband named her Shadiat. She was a twins as was revealed to me by ‘God’, but the second child was evacuated from her womb dead.”

Prophet Abiodun, however, added that he cannot take Morufat as wife because of her past relationship with other men.

”I cannot marry Morufat because I know about her journey and some of the men she had dated in the past,” he said.

“I am only claiming my child because I know that she was impregnated by me and I have a scan of the baby.  

“Morufat is 46 years old, and she said it in the presence of everyone that I am the real father of her last baby.

“Besides, my family members and hers know that I am the real father of the baby, and I am saying it again that I am not ashamed to say so.”

Kemi Badenoch, leader of the UK’s Conservative Party, has sparked controversy with her recent comments about her identity and her views on Nigeria.

In an interview with The Spectator, Badenoch emphasised her Yoruba heritage and distanced herself from identifying as Nigerian, citing the country’s northern region as a hub for extremism.

“I find it interesting that everybody defines me as being Nigerian. I identify less with the country than with the specific ethnicity [Yoruba],” Badenoch said.

“I have nothing in common with the people from the north of the country, the Boko Haram where Islamism is.”

Badenoch’s remarks have drawn widespread criticism from Nigerians, including public figures, who accuse her of presenting a negative image of the country on international platforms.

This criticism comes amid her frequent comments on Nigeria’s challenges with corruption and insecurity in British media.

Vice President Kashim Shettima, who hails from Borno, a region heavily affected by Boko Haram, addressed Badenoch’s comments.

“She could go ahead and change her name if she does not want any association with the greatest black nation on earth, the nation called Nigeria,” Shettima said.

Despite the backlash, Kemi Badenoch has stood by her statements.

“Being Yoruba is my true identity, and I refuse to be lumped up with northern people of Nigeria, who ‘were our ethnic enemies’ all in the name of being called a Nigerian,” she said.

Reflecting on her Yoruba roots, Badenoch shared a personal anecdote: “Somebody once told me when I was very young that my surname was a name for people who were warriors. They protected the crown, and that’s what I see myself as doing.”

She concluded with a reaffirmation of her commitment to the UK, “I am here to protect and I will die protecting this country because I know what’s out there.”

UK-based Nigerian pastor Tobi Adegboyega, founder of the SPAC Nation church, has addressed controversies surrounding his immigration status and allegations of financial impropriety.

In an interview with the BBC on Friday, Adegboyega clarified that there is no deportation order against him, despite reports of an immigration tribunal ruling in favor of his removal from the UK.

The pastor, who arrived in the UK in 2005 at the age of 25 on a visitor’s visa, admitted to overstaying but said the lapse was unintentional.

“I lost track of time,” he explained, citing a nearly decade-long delay in applying to regularise his immigration status.

He added that he had assumed his family was handling the necessary paperwork.

The controversy has been fueled by claims that Adegboyega is linked to a £1.87 million fraud involving misuse of church funds.

However, the pastor dismissed the allegations as baseless and attributed them to “disgruntled members” of his congregation.

“How on earth do you run an organisation without disgruntled people?” he asked during the interview.

Adegboyega also emphasized his church’s role in addressing societal issues in the UK.

“Our church has helped get hundreds of knives off the streets and tackled gun violence,” he said, highlighting SPAC Nation’s community outreach efforts.

The charismatic preacher, often seen wearing luxury fashion items, responded to criticism of his lifestyle, stating that his appearance is intentional.

“I put on what is right, what connects to the generation I’m speaking to, so they are not attracted to drug dealers,” he explained.

While the pastor confirmed that the legal battle over his immigration status is ongoing, he insisted the matter is in the hands of the judges.

“There is no deportation order, let me make that clear,” Tobi Adegboyega reiterated, as he continues to fight to remain in the UK.

The Senate President, Godswill Akpabio, has asserted that every wise Governor or President must find ways to closely hold the legislature’s leadership.

Akpabio, stated this on Friday, while serving as the Special Guest of Honour at the Public Lecture and Book Launch organised to mark the Birthday of the Minister of the Federal Capital Territory (FCT), Abuja, Nyesom Wike, in Port Harcourt, Rivers State.

Taking a swipe at Governor Siminalayi Fubara’s handling of the ongoing political crisis in the state, Akpabio said his greatest fear as Governor of Akwa Ibom State was the state House of Assembly.

Akpabio said he realised as a Governor that he could only be hurt by the House of Assembly and fashioned ways to work with the Speaker during his tenure.

He said “Every wise governor or the President like President Bola Ahmed Tinubu must fashion a way to hold the leadership of the legislature closely.

“For those of you who may not understand politics, we were taught that the parliament can turn a woman into a man and a man into a woman. As a governor my greatest fear was my House of Assembly.

“So because of that I never travelled anywhere without my Speaker. Any time I didn’t see him for a day I would send somebody to his house to invite him to come and have lunch with me and I would look at his face to know whether he was happy with me or not.

“The only place that can hurt a governor is the House of Assembly and no court or democracy can stop that from happening. Any President that wants to survive like Asiwaju Bola Ahmed Tinubu must hold the speaker and the Senate President very closely, the way he is holding us.”

British Conservative Party leader, Kemi Badenoch, who has been in the eye of the storm over controversial statements about Nigeria, once sought the help of people from the West African country to secure her parliamentary seat, PUNCH reports.

Badenoch (nee Adegoke) had in 2010 sought the support of the Nigerian community in the United Kingdom in her bid to win a seat in the British parliament.

A campaign document which has been making the rounds on social media showed that during her campaign for Dulwich and West Norwood, she reached out to Nigerians while highlighting her roots.

She particularly pledged to uplift the image of the country through her position in the British political system.

In a message to her Nigerian supporters, Badenoch said, “I need your help. I’m running for parliament in the 2010 UK general elections. The race is very tight. Last year, a survey was carried out in this constituency by the News of the World and the forecast was that I would win. This year, things are a lot tougher as the party has dropped nationally in the polls. I need your help.

“In a recent BBC interview, a caller insulted me because I’m Yoruba. I was very disappointed that a Nigerian woman who claimed to have lived in London for 45 years had issues with me being Yoruba than with my political views and shamefully made her comments on national radio.

“We really need to get out of this mindset where we are fighting one another and try and support each other instead. Regardless of party allegiance, a Nigerian in parliament winning purely on merit and not because of her relatives or by buying the election will be amazing.”

She lamented that her generation had suffered enough from the mistakes of the past and it was time to retell the story.

“So I am asking for your help now to support a Nigerian who is trying to improve our national image and do something great here,” she added.

However, the UK-born Badenoch after winning the election, deployed her experiences in Nigeria, as a talking point to rally support for her policies.

She has been accused of exploiting her roots for political gains.

While in the race to succeed former British Prime Minister Boris Johnson in 2022, Badenoch lambasted Nigerian politicians for polluting the environment with degradation.

She said, “I grew up in Nigeria, and I saw firsthand what happens when politicians are in it for themselves, when they use public money as their private piggy banks.”

“I saw what socialism is for millions. I saw poverty and broken dreams. I came to Britain to make my way in a country where hard work and honest endeavour can take you anywhere.”

Also, in one of the interviews she had with the British media, she said she did not want the UK to experience what made her flee Nigeria.

“This is my country…I don’t want it to become like the place I ran away from. I want it to get better and better, not just for me, but for the next generation,” she said.

Nigerians in the diaspora, including former presidential aide, Reno Omokri, accused Badenoch of using her Nigerian background when convenient and distancing herself when it suited her political ambitions.

Omokri, on his X page, gave instances when the UK disowned Nigerians during their downtimes, but embraced them at their best.

“Mrs Badenoch may want to acquaint herself with the case of former British star footballer, John Fashanu. When he was the darling of the football-loving Brits, he was called British, and he did not associate with Nigeria,” he said.

Also, Vice President Kashim Shettima, during the 10th Annual Migration Dialogue, stated that she had the right to express her opinions but could not diminish the value of the country.

In response, Badenoch’s spokesperson reaffirmed that she stood by her words.

“She is the leader of the opposition, and she is very proud of her leadership of the opposition in this country. She tells the truth. She tells it like it is. She’s not going to couch her words, and she stands by what she says,” the spokesperson said.

Operatives from the Economic and Financial Crimes Commission (EFCC) have successfully apprehended a suspected online fraudster named Osang Usie Otukpa.

Otukpa is accused of masterminding a sophisticated scam that defrauded a total of 139 Australians, amassing approximately AUD 8,000,000 (about USD 8 million) in the process.

Otukpa was taken into custody at Murtala Mohammed International Airport in Ikeja, Lagos, on Friday, December 6, 2024, as he arrived from the United States. The operation to arrest him was executed with precision during a carefully coordinated stakeout by the EFCC operatives.

EFCC’s Head of Media and Publicity, Dele Oyewale, released an official statement detailing the nature of Otukpa’s alleged fraudulent activities. According to the statement, Otukpa operated under multiple aliases—Ford Thompson, Oscar Donald Tyler, Michael Haye, Jose Vitto, and Kristin Davidson—to create a deceptive persona that he used to ensnare victims.

By leveraging social media platforms, he was able to attract potential investors to his fraudulent cryptocurrency investment scheme, known as the Liquid Asset Group.

The scheme was crafted to appear legitimate, luring Australians to invest their hard-earned money into what they believed to be profitable cryptocurrency ventures. However, it was later revealed that these investments were nothing more than a façade, with the actual intent of Otukpa being to divert the proceeds of these fraudulent activities into his bank accounts through a global cryptocurrency exchange platform.

As investigations continue, the EFCC is preparing to bring charges against Otukpa in court, as they work to unravel the full extent of his operations and seek justice for the individuals affected by his fraudulent actions.

The Central Bank of Nigeria (CBN) has announced that all versions of the naira, including the old and new designs of ₦1000, ₦500, and ₦200 denominations, as well as the commemorative and previous designs of the ₦100 denomination, remain valid and continue to be legal tender without any deadline.

CBN, in a statement signed by its Acting Director, Corporate Communications, Sidi Ali Hakama, said it is essential to clarify the misinformation regarding the validity of the old ₦1000, ₦500, and ₦200 banknotes currently in circulation.

The apex bank reiterated that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the ₦1000, ₦500, and ₦200 denominations of the Naira indefinitely.

It further advised the public to disregard any claims that the old series of banknotes will cease to be legal tender on December 31, 2024.

The statement reads, “The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old ₦1000, ₦500, and ₦200 banknotes currently in circulation.

“In line with the Bank’s previous clarifications and to offer further assurance, the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the ₦1000, ₦500, and ₦200 denominations of the Naira indefinitely.

“For the avoidance of doubt, all versions of the naira, including the old and new designs of N1000, N500, and N200 denominations, as well as the commemorative and previous designs of the N100 denomination, remain valid and continue to be legal tender without any deadline.

“We, therefore, advise the public to disregard any claims that the old series of the aforementioned banknotes will cease to be legal tender on December 31, 2024. We urge Nigerians to continue accepting all Naira banknotes (both old and redesigned) for their daily transactions and to handle them with care to ensure their longevity.

“Furthermore, the general public is encouraged to embrace alternative modes of payment, such as e-channels, to reduce pressure on using physical cash.”

…Bonds Oversubscribed By Over 441% From Investors

The Securities and Exchange Commission has said that the Federal Government issued six Sovereign Sukuk worth N1.1trn ($657.6m), to finance 124 Federal road projects covering over 5,820 kilometers across the six geopolitical zones of the country.

The Director General of the SEC, Dr. Emomotimi Agama who stated this during the ongoing 2nd International Islamic Capital Market Conference in Karachi, Pakistan, Thursday, said the success rate makes the Islamic Capital Market, ICM stand out as a resilient and innovative tool for mobilizing resources.

Agama described the issuance of sovereign Sukuk since 2017 as a key pillar responsible for growth of the ICM in Nigeria, adding that these issuances have consistently been oversubscribed, with subscription rates reaching as high as 441 per cent.

He disclosed that sub-national and corporate Sukuk issuances are also growing in Nigeria. Notable examples include Osun and Lagos states, Family Homes Ltd, and TAJ Bank Plc, along with private Sukuk issuances by three other sub-nationals saying that these instruments have been instrumental in funding school infrastructure.

“Beyond Sukuk, the ICM segment in Nigeria offers diverse investment opportunities. From one registered fund in 2008, the segment currently boasts of 14 registered Halal mutual funds with a net asset value exceeding N105bn as of November 2024. The NGX Lotus Islamic Index tracks 11 Shariah-compliant equities, while Nigeria’s first Islamic Real Estate Investment Trust – ChapelHill N-REIT – highlights the potential of real estate investments.

“The prospects for Nigeria’s Islamic finance industry are underpinned by key growth drivers, both global and domestic. Globally, demographic trends, economic diversification efforts in oil-dependent economies, and regulatory support have spurred demand for Shariah-compliant products.

“Locally, Nigeria’s large Muslim population, government-backed Sukuk initiatives, and growing investor awareness are driving market expansion. Emerging innovations in fintech also present further opportunities for market development. In that regard, the SEC registered the first Robo advisory firm in the Nigerian Capital Market in 2022. This Robo Advisor is focused on Shari’ah-compliant investments,” he said.

Agama said the success of the ICM in Nigeria is deeply rooted in its strategic focus on infrastructure financing, financial inclusion, and sustainability as the SEC’s engagement with the ICM dates back to 2004, when the SEC joined the Islamic Finance Task Force of the International Organization of Securities Commissions (IOSCO).

The SEC Boss said this commitment was followed by the issuance of Islamic fund and Sukuk Rules in 2010 and 2013, respectively and later solidified in the Non-Interest Capital Market Master Plan (2015–2025), which outlines a 10-year roadmap for expanding the market’s depth and diversity.

According to him, “Adopted in 2015 as part of the broader Nigerian Capital Market Master Plan (2015–2025), the Non-Interest Capital Market Master Plan (NICMMP) has been central to the development of the ICM segment in Nigeria.

The document sets out a vision for the Islamic Capital Market – otherwise known as the Non-Interest Capital Market (NICM) in Nigeria – to contribute 25 per cent of total market capitalization by 2025, with Sukuk accounting for 15 per cent.

“The masterplan was further reviewed in 2021, to provide a renewed focus on deepening the ICM, through targeting 50 listings of sharia-compliant products with market capitalization of at least N5trn ($11bn) by 2025.

“The performance of the NICM Masterplan has been remarkable. Of the 15 initiatives outlined in the roadmap, nine had been fully implemented as of 2022, representing a 70 per cent success rate.

“Key achievements include improved public awareness, increased retail participation in Sukuk, and the introduction of the Non-Interest Pension Fund (Fund VI) through collaboration with the National Pension Commission (PenCom).

“Another key achievement was the release of guidelines for taxation of Non-Interest transactions, in collaboration with the FIRS. This solved the challenge of double taxation hindering such transactions,” he said.

The SEC DG however said the growth of the ICM segment within a decade and half, has come with some challenges including limited public awareness of Islamic finance principles, paucity of tradable instruments, and regulatory alignment across institutions.

He said, “Capacity-building efforts, particularly in Shariah governance and compliance, remain critical to sustaining growth. These, of course, are critical areas the SEC is currently implementing strategies to address, with relevant stakeholders particularly in the public and private sector, providing targeted and effective solutions.

“Of particular interest is our ongoing effort to engage relevant stakeholders in the mortgage sector to develop Shariah-compliant housing finance solutions.

“This will create the needed impetus for developing Shariah-compliant Asset backed instruments to deepen our capital Market further”.

As the world looks into the future, Agama stated that the opportunities are endless as Islamic Finance is solving some practical challenges and needs of the Nigerian economy such as critical infrastructure deficit, financial exclusion, low mortgage penetration and disinterest in commercial financing opportunities due to faith-based and/or ethical concerns.

“This is the time to stake positions that will no doubt produce competitive returns and satisfy ethical and sustainability concerns.

“The table is set for investing. Foreign participants should take positions and increase stakes in tandem with domestic trends.

“This offers a significant opportunity to contribute to sustainable economic growth and financial inclusion in Nigeria and by extension the African continent” he added.

The 16th Emir of Kano, Muhammadu Sanusi II, has reaffirmed his commitment to the installation of the newly appointed District Head of Bichi, Munir Sanusi, and his assumption of office at the Bichi palace.

Speaking on Wednesday during a solidarity visit by a delegation from Bichi, Emir Sanusi stated that despite recent disruptions, the installation would proceed as planned.

It can be recalled that last Friday, heavy security operatives, including personnel from the police and the Department of State Services (DSS), reportedly blocked the Kofar Kudu Emir’s palace to prevent Emir Sanusi from accompanying the new Wambai of Kano and District Head of Bichi to assume his seat. The action led to restrictions on movement in and out of the palace.

Addressing the delegation, Emir Sanusi described the incident as a temporary setback.

“This incident is only a distraction. We do not know why it happened, and those involved have not provided any explanations. However, it will not stop anything.

I assure you that another date will be fixed for the installation, and your District Head will be brought to you peacefully.

Inform the public to remain peaceful and prayerful. Whatever the situation, peace and prayers will guide us through to the end.

With the respect the people of Bichi hold for Khalifa and Wambai Abubakar, there is no way a son of the Khalifa will be presented as Wambai, and they would turn their backs on him,” he said.

Leading the Bichi delegation, the Chairman of Bichi Local Government, Hamza Sule, expressed solidarity and dismissed rumors of opposition to the appointment.

He stated: “We are here to show our support and allegiance to His Royal Highness, the Emir of Kano, Muhammadu Sanusi II. There were rumors suggesting unrest in Bichi, but we are here to make it clear that we are fully supportive.

We are one hundred percent behind the appointment of Munir Sanusi as District Head of Bichi. We were in Bichi, waiting for the Wambai’s arrival, when we heard these unfounded rumors. As far as we are concerned, there is no violence or opposition, only celebration.”

The Bichi Emirate was one of the four new emirates created by former Governor Abdullahi Ganduje after the division of the old Kano Emirate. However, the emirates were later dissolved by the administration of Governor Abba Yusuf of the New Nigeria People’s Party (NNPP).